Income Tax Return Booklet Forms and Instructions

Transcription

1 VERMONT 2014 Income Tax Return Booklet Web version Forms and Instructions For Residents, Part-Year Residents & Nonresidents Click here to toggle bookmark menu This booklet contains: Booklet resources IncomeIncome tax forms, Tax Return (IN-111) schedules, and Tax Adj... &. Credits instructions..... (IN-112) Page 6 Income Adjustment Calculations (IN-113) Homestead Declaration andincome Property Tax Tax Payment Voucher (IN-116) Adjustment Claim Page 27 Homestead Decl./Prop. Tax. Adj. forms (HS-122 & HI-144) Renter Rebate Claim..... Page 25 Visit our website at Find 2014 income tax forms and schedules Make payment on your income tax Check the status of your tax filing & payment Renter Rebate Claim forms (PR-141 & HI-144) Tax Tables Page 46 State/Local Income Tax Addback (IN-154) Use Tax Information Page 8 Lifeline Information Pharmacy Programs Information Lifeline Information Page 33 Pharmacy Program Information Page 31 Income tax form instructions (page 6) File your Homestead Declaration and Property Tax Adjustment by April 15. Usequick Tax Information (pagesee 8) the For reference, Index on the back cover. Rate Schedules (page 46) Tax Tables (page 47) DEPARTMENT OF TAXES

2 Your Contribution Matters Use your tax refund or tax payment to support these Vermont organizations. Simply enter the amount of your gift on Line 29 of your Vermont income tax return. You may contribute to more than one organization. Vermont Nongame Wildlife Fund Vermont Children s Trust Fund Item 29a on Form IN-111 Help preserve our state s natural wildlife heritage that makes Vermont a special and unique place to live. Many species benefit from your gift, including loons, songbirds, frogs, turtles, bald eagles, and butterflies. (802) Item 29b on Form IN-111 Connected kids are safe, successful kids. Support prevention programs for children in your community, including afterschool care, mentoring, teen leadership, literacy, arts programs, substance abuse prevention, and more. (888) Vermont Veterans Fund Green Up Vermont Item 29c on Form IN-111 Give to our nearly 50,000 honorably discharged veterans. The fund helps veterans who are homeless, need longterm care, or need transportation. It also helps veterans apply for benefits and supports recognition programs. (802) Item 29d on Form IN-111 Keep Vermont green and clean! Your gift supports Green Up Day, a unique Vermont tradition that brings together families, neighbors, and communities to remove litter and restore the natural beauty of our state every spring. (802) Your gifts are deductible on next year s Federal tax return as a charitable contribution. 2

3 Taxpayer Assistance Visit our website at to find the following: Income tax forms and schedules as fillable PDFs Electronic payment options through VTPay Links to Free File vendors for eligible taxpayers Status of your tax return or refund Status of your homestead declaration, property tax adjustment, or renter rebate Information and resources to help you file your taxes Call or visit us with your questions Business hours: Mon-Fri, 7:45 a.m. - 4:30 p.m. Phone: Mon, Tue, Thu, Fri, or (toll-free in Vermont) Address: 133 State Street (second floor), Montpelier Important Note: In order to give staff more time to focus on processing returns and refunds, the Department will not take calls on Wednesdays. The one exception is that the call center staff will be available to take calls on Wednesday, April 15. Be on Guard against Identity Theft and Tax Scams You should be aware of identity theft, tax refund fraud, and similar tax scams that are targeting taxpayers in Vermont. Taxpayers have reported s and phone calls from people posing as Department employees who falsely claim taxes are owed and demand immediate payment. The Department has detected and stopped more than $1.4 million in attempted tax refund fraud in To protect yourself from becoming a victim, you should: Never give out personal information unless you are sure of the identity of the person requesting it. If you suspect that an or phone call is fraudulent, do not engage in conversation. Contact the Department at the phone number listed above to verify an or phone call. Report fraud immediately to the Department and to the IRS. Information about how to report fraud is available on the Department website at and the IRS website at Taxpayer Advocate The Vermont Department of Taxes offers free, confidential service when a taxpayer encounters difficulty resolving tax issues. The Taxpayer Advocate may be able to help if: You are experiencing extreme economic hardship from the Department s action, or It is taking more than 180 days to resolve your tax issue, or You have not received a response or resolution to the problem by the date promised by the Vermont Department of Taxes The Taxpayer Advocate will listen to your situation, independently review the problem, help you understand what needs to be done to resolve it, and keep you updated on the progress of your situation. Please note that the Taxpayer Advocate cannot override the provisions of the law or represent taxpayers at Department hearings. To contact the Taxpayer Advocate: Mail: ATTN: Taxpayer Advocate Telephone: Vermont Department of Taxes Fax: State Street [email protected] Montpelier, VT

4 Not included in your 2014 Vermont Income Tax Booklet. The goal of the Vermont Department of Taxes is to provide Vermonters with a personal income tax booklet that is easy to read, understand, and navigate. To streamline the booklet, the following forms are not included: IN VT Credit for Income Tax Paid to Other State or Canadian Province IN VT Economic Incentive Income Tax Credits IN VT Capital Gains Exclusion All forms are available on the Department of Taxes website at Due Dates Form # Form Description Initial Due Date IN Vermont Income Tax Return April 15 IN-151 Application for Extension of Time to File Form IN-111 VT Individual Income Tax Return April 15 Final Date Accepted NOTE: Penalties, interest, and late filing fees may accrue after initial due date. PR Renter Rebate Claim April 15 Oct. 15 HS Homestead Declaration April 15 Oct. 15 HS Property Tax Adjustment Claim April 15 Oct. 15 Income Tax 4 Who Must File in Vermont? A 2014 Vermont Income Tax Return must be filed by a Full-Year or a Part-Year Vermont resident or a Nonresident if you are required to file a 2014 Federal Income Tax Return, AND You earned or received $100 or more in Vermont income, OR You received gross income of $1,000 or more as a Nonresident. Read 32 V.S.A and 5823(b) for information on sources of income. Visit for more information. Homestead Declaration A Homestead Declaration must be filed by April 15 of each year by every Vermont resident whose property meets the definition of a homestead. A Vermont homestead is the principal dwelling and parcel of land surrounding the dwelling, owned by a resident individual as of April 1 and occupied as a person s domicile. Beginning in 2015, if your homestead is rented on April 1, it may still be declared as your homestead if you occupy it for at least 183 days out of the calendar year. Who is Eligible to File? Property Tax Adjustment Claim Vermont homeowners may be eligible for a credit against their 2015/2016 Vermont property tax. The 2015 property tax adjustment is based on 2014 household income and 2014/2015 property tax. A homeowner may be eligible for an adjustment if all four of the following requirements are met: 1. Filed a valid Homestead Declaration 2. Domiciled in Vermont all of calendar year Not claimed as a dependent by another taxpayer for tax year Had household income in 2014 that did not exceed $109,000 (Complete Schedule HI-144 to determine household income.)

5 Renter Rebate Claim Vermont renters may be eligible for a rebate based on the portion of rent paid that exceeds an established percentage of household income. A renter may be eligible for a rebate if all five of the following requirements are met: 1. Domiciled in Vermont for the entire calendar year Not claimed in 2014 as a dependent of another taxpayer 3. Is the only person in the household making a Renter Rebate claim 4. Rented in Vermont for all 12 months in (See page 44 for the one exception.) 5. Had household income in 2014 that did not exceed $47,000 (Complete Schedule HI-144 to determine household income.) General Instructions Income Tax Due Date The due date for the 2014 tax year is April 15, To receive a six-month extension of time to file your income tax return, file Form IN-151 on or before April 15. An extension only allows additional time to file your income tax return. It does not extend the due date for your tax payment. Interest and penalty accrue on any tax due from April 16 to the receipt of the payment of tax. Timely Filing Tax returns mailed through the U.S. Post Office are considered timely if received at the Department within three business days of the due date. Electronic filings transmitted on the due date are timely if you receive confirmation of your filing. If you bring the return to the Department, it must be delivered on or before the due date to be timely. Interest and Late Filing Penalty After the April 15, 2015, Due Date A Vermont income tax return may be filed up to 60 days after April 15, 2015, without being charged a late filing penalty, even if you have not filed an extension of time to file with the Vermont Department of Taxes. However, filing the return on the 61st day after April 15, 2015, or later will result in a $50 late file penalty. If you have filed an extension, you will not be charged a $50 late file penalty unless you fail to file by the Oct. 15 extension date. An extended income tax return filed one or more days after Oct. 15 will be charged a $50 late file penalty. NOTE: The late filing penalty applies even if you have a refund or no tax is due. If any tax is due, late payment penalty and interest charges also apply. Interest and Late Payment Penalty after April 15, 2015 Tax paid after April 15 accrues interest and late payment penalty. Use Whole Dollars Round entries to the nearest whole dollar. The cents are preprinted with zeroes. Incomplete Forms If information necessary to support a credit or benefit is missing, your filing may be processed but the credit denied. This may result in a bill or reduced refund. You will have an opportunity to supply the information. In some instances, your tax forms may be returned to you. The credit or benefit cannot be processed until the Department receives the missing document(s) or information. Forms That Cannot Be Processed If your filing is not acceptable for processing, the Department may return your paper forms to you. The filing date of your return then becomes your resubmission date. The Department may also transfer your filing information onto acceptable forms. You may be assessed a $25 processing fee that partially covers the costs of transferring the information. Examples of unacceptable filings include the following: forms marked draft or do not file, forms not pre-approved by the Department, photocopies of forms, faxed forms, forms not written in blue or black ink, or forms generated from different sources. Requests for Additional Information You may be asked to supply additional information to clarify items on your Vermont income tax return. Such a request does not necessarily mean that you filed improperly or that you have been selected for an audit. These requests are a routine part of processing. Your return, however, cannot be processed until the information is received. Your Income Tax Refund May Be Used to Pay an Outstanding Bill (Offset) Your income tax refund will be taken to pay a bill that you or your spouse/civil union partner owe to the Vermont Department of Taxes and/or other government agencies such as the Internal Revenue Service, Office of Child Support, Department of Corrections, Vermont courts, student loan agencies, Vermont state colleges, and tax agencies of other states. You will receive notification if your refund is used as an offset to pay outstanding debt. 5

6 Injured Spouse Claims To make an injured spouse claim, please send the following four documents prior to filing your return: 1. The request letter 2. Copy of Federal return 8379 (if you filed one with the IRS) 3. Copy of Federal Schedules C and SE 4. Form 1099G for unemployment Mail to: Vermont Department of Taxes ATTN: Injured Spouse Unit PO Box 1645 Montpelier, VT Financial Difficulties If you cannot pay your entire Vermont income tax due, file your return on time and pay as much as you can. Then immediately write to the Department to apply for a payment plan. Do not include this request with your return. Send your request separately to: Vermont Department of Taxes ATTN: Compliance PO Box 429 Montpelier, VT You may be asked for financial information to determine the appropriate payment plan. Without a payment plan, unpaid income tax will result in collection action which may include the imposition of liens, court action, wage garnishment, bank levies, revocation of your business and/or professional license(s), imposition of a bond on your authority to do business, and the assignment of your debt to a private collection agency. Claiming a Vermont Refund You must file a Vermont Income Tax Return to receive a refund of Vermont withholding or estimated tax payments. You have up to three years from the due date of the return, including extensions, to file to claim an overpayment of tax due. Amending or Correcting Vermont Income Tax Return Information You are required by Vermont law to file an amended Vermont return within 60 days of disclosure of change to your Vermont income. A late filing penalty will be assessed if the amended Vermont return is not filed within the 60 days. Check the AMENDED box on Form IN-111, Section 1, when filing an amended return for the applicable tax year. NOTE: When amending your income, you must also amend your Schedule HI-144, Household Income, submitted with your Property Tax Adjustment Claim or Renter Rebate Claim. Income Tax Form Instructions FORM IN-111 Vermont Income Tax Section 1 Taxpayer Information REQUIRED entries. Print your information in blue or black ink on all forms and schedules being filed. For best results, complete the fillable PDF available at The name and Social Security Number of your spouse/civil union partner must be entered when filing jointly. Recomputed Federal Return Check this box if the information for Federal line references is from a recomputed Federal return. Deceased Taxpayer Check the applicable box if the taxpayer or spouse/civil union partner died during Administrator or Executor: To claim an income tax refund on behalf of the deceased, attach the court certificate showing your appointment as administrator or executor or a copy of completed Federal Form Vermont Fiduciary Return of Income, Form FI-161, should be filed to report the income of an estate or trust. Call for information. Line 1 Vermont School District Code: REQUIRED entry. For school district codes, go to or page 14 of this booklet. Vermont residents: Use the 3-digit school district code for your residence on Dec. 31, Nonresidents: Enter 999 as your school district code. Line street address as of Dec. 31,

7 Section 2 Tax Filing Information Filing Status REQUIRED entry. Check the box to show your Vermont filing status. For filing separately, check the applicable Box 8a or 8b and enter the Social Security Number of your spouse/civil union partner. The Vermont filing status must be the same as your Federal filing status except in the following two situations where Federal information may be recomputed for Vermont purposes: 1. Civil Union (available to same sex couples holding a valid civil union certificate): Recomputed Federal income tax information required. 2. Vermont Resident With a Non-Vermont Resident Spouse who has no Vermont income: Recomputed Federal income tax information may be used. Read Technical Bulletin 55 at If you choose to file your Vermont Income Tax Return married jointly, you cannot use Schedule IN-113, Part I, to apportion income of the nonresident spouse. The credit for income tax paid to another state is available by completing Schedule IN-117. Line 9 Exemptions Enter the number of exemptions claimed on your Federal return or your recomputed Federal return. Section 3 Taxable Income Line 10 Adjusted Gross Income REQUIRED entry. Enter the amount from your Federal return or, if applicable, from the recomputed Federal return. Line 11 Federal Taxable Income REQUIRED entry. Enter the amount from your Federal return or, if applicable, from the recomputed Federal return. NOTE: If you have an entry on IN-111 for Lines 12a, 12b, or 12c, calculate the actual Federal Taxable Income loss. From Federal return 1040, subtract Line 42 from Line 41 or Federal return 1040A, subtract Line 26 from Line 25. Check the box to the left of the entry line to show a loss and enter the amount on Line 11. Additions to Federal Taxable Income Line 12a Enter the Non-Vermont State and Local Obligations from Schedule IN-112, Part I, Line 3. Line 12b Line 12c Federal Bonus Depreciation Vermont does not recognize the bonus depreciation allowed under Federal law. Enter the difference between the depreciation calculated by standard MACRS methods and the depreciation calculated using the Federal bonus depreciation for assets placed in service in Read Technical Bulletin 44 at for information on calculating the amount to add back to taxable income. State and Local Income Tax Addback If you filed a Federal 1040 Schedule A for 2014 and the deduction for state/local income taxes on Line 5a exceeds $5,000, you are required to complete and submit Schedule IN-154. See page 23. Line 13 Federal Taxable Income with Additions Add Lines 11, 12a, 12b, and 12c and enter result. To indicate a loss, check the loss box to the left of the entry line. Subtractions from Federal Taxable Income Line 14a Interest Income from U.S. Obligations Interest income from U.S. government obligations (such as U.S. Treasury bonds, bills, and notes) is exempt from Vermont tax under the laws of the United States. Enter the amount of interest income from U.S. Obligations on this line. Read Technical Bulletin 24 at Line 14b Line 14c Capital Gains Exclusion See Schedule IN-153 and instructions to calculate the capital gains exclusion for Read Department regulation (21)(B)(ii) and Technical Bulletin 60 at to help determine your capital gain exclusion. Complete and submit Schedule IN-153. Adjustment for Bonus Depreciation on Prior Year Property Enter the difference between the depreciation calculated by standard MACRS methods and the depreciation calculated at the Federal level. For information on calculating the amount that can be subtracted from taxable income, read Technical Bulletin 44 at Line 14d Add Lines 14a, 14b, and 14c. Line 15 Vermont Taxable Income Subtract Line 14d from Line 13 and enter amount. If Line 14d is more than Line 13, enter 0. Section 4 Vermont Income Tax Line 16 Vermont Income Tax from Tax Table or Tax Rate Schedule Using the Vermont Taxable Income amount from Line 15, calculate your Vermont tax using the applicable table or schedule and enter result. If Line 15 is zero, tax is $0. If Line 15 amount is less than $75,000 - Use the Vermont Tax Tables. If Line 15 amount is $75,000 or more - Use the Vermont Rate Schedules on page 46. 7

8 Line 17 Line 18 Line 19 Additions to Vermont Income Tax Complete and submit Vermont Schedule IN-112, Part II, to report: Recapture of a Vermont tax credit OR 24% of additional Federal tax on the following: - Qualified Retirement Plan distributions including IRA, HSA & MSA - Recapture of Federal Investment Tax Credit - Lump-sum Distribution from Federal return 4972 Vermont Income Tax with Additions Add Lines 16 and 17 and enter result. Subtractions from Vermont Income Tax Complete and submit Vermont Schedule IN-112, Part II, to claim: Credit for Child and Dependent Care Expenses (See page 10 for Low-Income Child and Dependent Care Credit.) Credit for the Elderly or the Disabled Investment Tax Credit (as defined in IRC Section 46) for Vermont-based portion only Farm Income Averaging Credit Line 20 Vermont Income Tax Subtract Line 19 from Line 18 and enter result. If Line 19 is more than Line 18, enter 0. Line 21 Income Adjustment Enter 100% or complete and submit Schedule IN-113 and enter percent from Line 40. Line 22 Adjusted Vermont Income Tax Multiply Line 20 by the percentage on Line 21. If Line 21 is 100%, Line 22 will be the same as Line 20. Section 5 Credits and Use Tax Line 23 Credit for Income Tax Paid To Other State or Canadian Province (For full-year and some part-year residents) Complete and submit Schedule IN-117 and enter the amount from the schedule here. Line 24 Line 25 Vermont Tax Credits Complete and submit Schedule IN-112 Part IV and/or Schedule IN-119. Enter the amount from the applicable schedule here. Total Vermont Credits Add Lines 23 and 24 and enter result. Line 26 Vermont Income Tax After Credits Subtract Line 25 from Line 22. If Line 25 is more than Line 22, enter 0. Line 27 Use Tax on Out-of-State and Internet Purchases What is Vermont Use Tax and who must pay it? Use tax must be paid by any resident or nonresident individual who purchased an item USE TAX REPORTING TABLE delivered to Vermont or used in Vermont that is subject to the Vermont Sales Tax but for which Adjusted Gross Income Use Tax is: Adjusted Gross Income Use Tax is: sales tax was not charged. This occurs when $10,000 - $14,999 $10. $55,000 - $59,999 $55. an item is purchased from an out-of-state seller $15,000 - $19,999 $15. $60,000 - $64,999 $60. not registered to collect tax in Vermont, which $20,000 - $24,999 $20. $65,000 - $69,999 $65. typically is a seller in a state that does not charge $25,000 - $29,999 $25. $70,000 - $74,999 $70. sales tax or a company that sells its merchandise $30,000 - $34,999 $30. $75,000 - $79,999 $75. over the internet. Use tax is due at the same rate $35,000 - $39,999 $35. $80,000 - $84,999 $80. $40,000 - $44,999 $40. $85,000 - $89,999 $85. as sales tax, which is 6%. When you pay tax on $45,000 - $49,999 $45. $90,000 - $94,999 $90. an item purchased from a seller in a state with $50,000 - $54,999 $50. $95,000 - $99,999 $95. a lower sales tax, you then owe use tax on the Over $99,999, multiply by 0.10% (0.001) difference between the Vermont sales tax and the lower tax rate of the other state. NOTE: If use For each individual purchase of $1,000 or more, calculate use tax by multiplying the amount of the purchase by 6% (0.06) to obtain the exact tax is not due, you must certify by checking the tax. If you are using the reporting table for other purchases, you must box. add the use tax from the table to the exact tax to determine total use tax owed. 8

9 How to calculate the use tax Individual taxpayers have two options for calculating the use tax: Option 1 If you have accurate records of all of your purchases, multiply the value of all taxable purchases and rentals by 6% and report the amount on Line 27. For example, if you purchased a computer for $1, over the internet from a business located outside of Vermont and sales tax was not collected, your use tax liability is $90.00 ($1, x 6% = $90.00). If you paid less than 6% on some of your purchases, include them in your calculation and reduce the tax by the amount you paid. Option 2 - If you do not have accurate records of your purchases, you must use the Use Tax Reporting Table. The table estimates the tax using ranges of adjusted gross income, calculating the tax at 0.10% for each of the ranges. However, for individual purchases greater than $1,000, you must calculate the exact tax. Multiply the purchase amount by the 6% use tax rate and add the resulting figure to the estimated amount you owe determined by the Use Tax Reporting Table. The Department will not assess additional use tax unless a purchase with a total invoice amount of $1,000 is unreported. NOTE: Businesses must report use tax on Form SU-451, Sales and Use Tax Return, or on Form SU-452, Use Tax Return. Line 28 Total Vermont Taxes Add Lines 26 and 27 and enter result. Section 6 Voluntary Contributions Line 29 Learn more about voluntary contributions to these organizations in Vermont on page 2. 29a. Nongame Wildlife Fund 29b. Children s Trust Fund 29c. Vermont Veterans Fund 29d. Green Up Vermont Line 30 Total of VT Taxes & Voluntary Contributions. Add Lines 28 & 29e. Section 7 Payments and Credits Line 31a Line 31b Line 31c Line 31d Line 31e Line 31f From W-2, 1099, etc., Statements of Vermont Income Tax Withheld Enter the amount of Vermont income tax withheld. Attach the state copy of your W-2, Form 1099, or other payment statements to verify the amount. Failure to enter the withholding on this line and attach the payment statement(s) will delay processing of your return or you may not receive credit for the withholding against your Vermont tax. NOTE: To claim tax withheld on a real estate sale, use Line 31e. Nonresident partners, members, or shareholders, use Line 31f for estimated taxes paid on your behalf by a business entity on Form WH-435, Estimated Income Tax Payments for Nonresident Shareholders, Partners or Members. From Forms IN-114 or IN Estimated Tax or Extension Payments Enter the amount of 2014 Vermont estimated income taxes you paid, the amount paid with Form IN-151, Extension of Time to File the 2014 return, and any 2013 Vermont refund credited towards your 2014 taxes. Call (toll-free in Vermont) or (local or out-of-state) or go to our website at to look up the 2014 tax payments the Department has on record for you. NOTE: Nonresident partners, members or shareholders, use Line 31f for estimated taxes paid on your behalf by a business entity on Form WH-435, Estimated Income Tax Payments for Nonresident Shareholders, Partners or Members. For tax withheld on real estate transactions, use Line 31e. Vermont Earned Income Tax Credit (for full-year and part-year Vermont residents) Enter the amount from Schedule IN-112, Part III. Attach the completed Schedule IN-112 to Form IN-111. Renter Rebate (for full-year Vermont residents) If you are filing the Renter Rebate Claim with the income tax return, enter the renter rebate amount from Form PR-141, Line 9. From Form RW-171, Vermont Real Estate Withholding If you sold real estate in Vermont during 2014 and the buyer withheld Vermont income tax from the sales price, enter the amount withheld shown on Form RW-171, Vermont Withholding Tax Return for Transfer of Real Property, Schedule A, Line 12. Do not enter this amount on Line 31a or 31b. For information on installment sales, read Technical Bulletin 10 at From Form WH-435, Estimated Payments Made on Your Behalf by a Business Entity. Nonresidents enter the estimated income tax payments made on your behalf by a partnership, limited liability company, or S Corporation toward your 2014 Vermont income tax. The entity would have made these payments on Form WH-435, Estimated Income Tax Payments for Nonresident Shareholders, Partners or Members. Read Technical Bulletin 6 at Do not enter this amount on Line 31a or 31b. 9

10 Line 31g Low Income Child & Dependent Care Credit (Vermont residents only) If care expenses are from both accredited and non-accredited providers, complete the worksheet to calculate the credit. Eligible taxpayers receive 50% of the Federal Child and Dependent Care Credit as a Vermont income tax credit instead of the 24% credit from Schedule IN-112. Taxpayers must meet the following requirements: Income of: - less than $30,000 Federal Adjusted Gross Income for taxpayers filing as Single, Head of Household, Married Filing Separately, Civil Union Filing Separately, or, - less than $40,000 Federal Adjusted Gross Income for taxpayers filing as Married Filing Jointly, Civil Union Filing Jointly, Qualifying Widow(er) Care in 2014 provided by a home or facility accredited by the Vermont Agency of Human Services. Include a copy of your Federal Form To determine if your care provider is accredited, go to the Department s website at or call the Department of Children and Families at Line 31h Total Payments and Credits Add Lines 31a through 31g. Section 8 Refund Line 32 Overpayment If Line 30 is less than Line 31h, you have a refund. Subtract Line 30 from Line 31h and enter the result here. You may apply all or a portion of the overpayment towards your 2015 estimated payment or your Vermont homestead property tax bill. Line 33a Credit to 2015 Estimated Tax Payment Enter the amount of your refund from Line 32 you want credited toward your 2015 income tax. Your income refund will be reduced by this amount. Line 33b Credit to 2015 Homestead Property Tax Bill If your property is a declared homestead and you filed the 2014 income tax return on or before Oct. 15, 2015, you may choose to use all or part of your income tax refund to pay your homestead property tax bill. Your refund will be reduced by this amount. The State will include an additional 1% to the refund credited to your property taxes. For details of this credit, read State Property Tax Incentive, 32 V.S.A. 6066(h). Line 34 Refund Amount Subtract Lines 33a and 33b from Line 32 and enter the result. This is the amount of the refund to be sent to you. If you owe interest and penalty for underpayment of estimated income tax payment, this amount will be subtracted from the refund. Direct deposit is available for electronically filed returns. Section 9 Amount You Owe Line 35 If Line 30 is more than Line 31h, subtract Line 31h from Line 30 and enter the result. Line 36 Line 37 LOW INCOME CHILD & DEPENDENT CARE WORKSHEET 1. Accredited care provider amount Total care amount Divide Line 1 by Line $ x = $ x 50% = $ Federal Credit Line 3 above Eligible Credit Low Income Credit (1040, Line 48; IN-111, Line 31g. 1040A, Line 29) You may wish to also calculate your VT tax credit using 24% of the full Federal credit and compare to the credit calculated on this worksheet to determine which credit is best for you. NOTE: You cannot take both credits. Interest and Penalty on Underpayment of or Failure to Make Estimated Tax Payments Paying underpayment charges at the time of filing may reduce the amount that will be billed later. Use Worksheet IN-152 or IN-152A, available at to calculate the charges. The paper worksheets can be obtained by calling If you have a refund, the interest and penalty will be deducted. Estimated tax payments must either be: 1) equal to 100% of last year s tax liability OR 2) 90% of this year s tax liability. If tax liability due, less withholding, is less than $500, you will not be subject to penalty or interest charges. In order to avoid underpayment of estimated tax, see instructions on Form IN-114, Individual Income Estimated Tax Payment Voucher. Total Add Lines 35 and 36. Enter the amount. This is the amount you owe. Payment options are: - Credit or Debit card (3% service fee applies) or ACH debit (no fee), available through VTPay at - ACH debit also available for electronically filed returns - Check or money order payable to Vermont Department of Taxes NOTE: If you owe taxes or a debt to another state agency, all or part of the refund may be taken to pay the bill. Financial Difficulties see page 5 10

11 Section 10 Signatures Signature(s) REQUIRED entry. Sign the return in the space provided. If filing your return jointly, both filers must sign. Date Enter the date on which you sign the return. Age Check this box at the applicable signature line if age 65 or older on Dec. 31, Telephone Number Enter the number where you can be reached during the day. Disclosure Authorization If you wish to give the Department authorization to discuss the information on your 2014 Vermont income tax return with your tax preparer, check this box and include the preparer s name. Preparer If you are a paid preparer, you must also sign the return, enter your Social Security Number or PTIN and, if employed by a business, the EIN of the business. FILING THE RETURN E-file: Go to our website at for information on electronic filing. Some taxpayers may be eligible for free electronic filing through Free File. Paper Filing: REFUND OR NO TAX DUE BALANCE DUE Mail your return to: Attach your check to the lower left side of the return and mail to: Vermont Department of Taxes Vermont Department of Taxes PO Box 1881 PO Box 1779 Montpelier, VT Montpelier, VT FOLLOW THE PROCESSING OF YOUR RETURN You may check the status of your return by visiting OR by calling (toll-free in Vermont) or (local or out-of-state calls) and selecting option 1. SCHEDULE IN-112 Vermont Tax Adjustments and Credits Who Must File Schedule IN-112 You must file Schedule IN-112 if you: Have interest income from state and local obligations (Part I) Have adjustments to your Vermont Tax (Part II) Are claiming the Vermont Earned Income Tax Credit (Part III) Are claiming Vermont Income Tax Credits (Part IV) Print your name and Social Security Number on this schedule. Please use blue or black ink to make all entries. Part I Adjustments to Vermont Income Interest and dividend income from non-vermont state and local obligations are taxable in Vermont. A Vermont obligation is one from the state of Vermont or a Vermont municipality. Line 1 Line 2 Enter the total interest and dividend income received from all state and local obligations exempted from Federal tax. From Federal return 1040, Line 8b, or 1040A, Line 8b. Enter the interest and dividend income from Vermont obligations. This may have been paid directly to you or through a mutual fund or other legal entity that invests in Vermont state and local obligations. If you receive this income from a mutual fund that has only a portion of its assets invested in Vermont state and local obligations, enter only the amount for the Vermont obligation(s). Line 3 Subtract Line 2 from Line 1. Enter this amount on Form IN-111, Line 12a. This is the amount of interest and dividend income from non-vermont state and local obligations that must be included in Vermont Taxable Income. Part II Additions to Vermont Tax Line 1 Tax on Qualified Plans and tax favored accounts, including individual retirement accounts (IRAs), health savings accounts (HSAs), and medical savings accounts (MSAs). Line 2 Recapture of Federal Investment Tax Credit from Federal return Line 3 Tax on lump sum distributions from Federal return Line 4 Line 5 Line 6 Add Lines 1 through 3 and enter result. Multiply Line 4 by 24% and enter result. Recapture of Vermont tax credit(s). Recapture occurs when a previously claimed credit is changed. Contact the Department at (toll-free in Vermont) or (local or out-of-state) for information on calculating the recapture amount. 11

12 Line 7 Add Lines 5 and 6. Enter this amount on Form IN-111, Line 17. Subtractions from Vermont Tax Line 8 Credit for Child and Dependent Care Expenses from Federal return 1040, Line 49; 1040A, Line 31. Do not use this line if you qualify for the Low Income Child and Dependent Care Credit. You cannot take both credits. Line 9 Enter credit for the Elderly or the Disabled from Federal Schedule R. Line 10 Line Investment Tax Credit from return This credit is limited to the amount of investment tax credit attributable to the Vermont-property portion. Vermont Farm Income Averaging Credit This credit is available to farmers who calculate Federal tax using Federal Schedule J. Complete the worksheet. Line 12 Add Lines 8 through 11. Line 13 Line 14 less Multiply Line 12 by 24% and enter the result. 2. Enter Federal tax from Federal Schedule J Line $ Vermont-Based Business Solar Energy 3. Subtract Line 2 from Line 1. This is your VT Farm Income Averaging Credit. Enter the result on Investment Credit carryforward Unused Schedule IN-112, Part II, Line $ Vermont-based business solar energy investment tax credit may be carried forward for five years following the year the credit is claimed. Read Technical Bulletin 45 at Line 15 Add Lines 13 and 14. Enter this amount on Form IN-111, Line 19. Part III Vermont Earned Income Tax Credit (For Full-Year and Part-Year Vermont Residents Only) Supporting Documents Required: Evidence of earned income such as W-2 or self-employment schedule(s). Eligibility questions A, B, and C must be answered. The claim will be disallowed if the questions are not answered. Full-Year Residents Line 1 Enter the amount of your Federal earned income tax credit. Line 2 Multiply Line 1 by 32%. Enter the result and also enter on Form IN-111, Line 31c. This is your Vermont earned income tax credit. Part-Year Residents Line 3A Enter the Federal amount of wages, salaries, tips, etc. Line 3B Enter the portion of Federal wages, salaries, tips, etc. earned while a Vermont resident. Lines 4A & 4B Other earned income includes income from a business, partnership, or farm. Line 5A Line 5B Line 6 Line 7 Line 8 Add Lines 3 and 4 in Column A and enter result. Add Lines 3 and 4 in Column B and enter result. Divide Line 5, Column B, by Line 5, Column A. Enter the result as a percentage carried out to two decimal places. This is the percentage of 2014 income earned in Vermont that is eligible for the Vermont earned income tax credit. Enter the amount of your Federal earned income tax credit. Multiply Line 7 by 32% and enter result. Line 9 Multiply Line 8 by Line 6. Enter the result and also enter on Form IN-111, Line 31c. This is your Vermont earned income tax credit. Part IV Vermont Income Tax Credits Line 1 Vermont Higher Education Investment Plan (VHEIP) The credit is available only for contributions to the 529 plan administered by VSAC. For more information, read Technical Bulletin 66 at You may be eligible for a tax credit on contributions made during calendar year 2014 to the Vermont Student Assistance Corporation higher education investment plan. The tax credit equals 10% of the first $2,500 of contributions per beneficiary. For jointly filed returns, the tax credit equals 10% of the first $5,000 of contributions per beneficiary. For more information on the Vermont Higher Education Investment plan, go to the VSAC website at or call Monday through Friday, 8:00 a.m. to 8:00 p.m. Line 2 VT FARM INCOME AVERAGING WORKSHEET 1. Calculate and enter here Federal income tax using Federal Schedule D, Federal Schedule D Worksheet, or Federal tax rate schedules as if Schedule J was not used.. 1. $ Taxpayers receiving tax credit for Lines 2-5 through S corporations, LLCs, LLPs, or partnerships, enter the name of each entity and its FEIN on the schedule. Charitable Housing A taxpayer making an investment in an eligible housing charity may receive a credit against Vermont income tax. The Commissioner of Housing and Community Affairs calculates the credit.

13 Line 3 Line 4 Qualified Sale of Mobile Home Park Please call the Department at if you believe that you qualify for this credit. Research & Development Credit A taxpayer may receive a credit against Vermont income tax equal to 30% of the amount of Federal tax credit allowed in the taxable year for research and development expenditures eligible under section 41(a) of the Internal Revenue code and which are made within Vermont. Any unused credit available may be carried forward up to 10 years. Line 5 Veteran Business Credit Carryforward If a qualified employer hired a recently deployed veteran for a position after May 24, 2011, and before Dec. 31, 2012, the employer was able to claim a $2,000 credit against income for each new, full-time employee. The nonrefundable credit could either be claimed in tax year 2013 or carried forward to the 2014 tax year. In addition, a $2,000 credit or carryforward was available for a recently deployed veteran for the expenses associated with a business started in Vermont after May 24, 2011, and before Dec. 31, For full details of this credit, see 32 V.S.A. 5930nn or call (toll-free in Vermont) or (local or out-of-state calls). Line 6 Total Credits Add entries from Lines 1-5 in Column C. Enter on Form IN-111, Line 24, unless you claim income tax credits on Schedule IN-119. For Schedule IN-119 filers, enter credit on the appropriate Schedule IN-119 line(s). Use amount calculated from Schedule IN-119 for entry on Form IN-111, Line 24. SCHEDULE IN-113 Income Adjustment WHO MUST FILE IN-113 You must file Schedule IN-113 if you are either: a nonresident or part-year resident and had Vermont income, OR a Vermont resident claiming income exempt from Vermont income tax Nonresident: Resident: Complete both Parts I and II to determine the allocation of Vermont income. Visit for definition of nonresident income. Complete Part II to adjust for the following income exempt from Vermont income tax: military pay, Federal railroad retirement income, Federal credit for Vermont portion of expenses that qualifies for the Americans with Disabilities Act, or bond/note income from qualified investments. Part-Year Resident: Part-year residents may, in some cases, be able to adjust Vermont income by both the Vermont percentage of income and claim a credit for income tax paid to another tax jurisdiction. The income tax paid must be for income earned in Vermont while a Vermont resident. Visit for information. For Married Filing Separately or Civil Union Filing Separately, all income of the individual filing must be included in Column A, not just Vermont income. The adjustment calculation excludes the non-vermont income. Supporting Documents Required: Copies of pages 1 and 2 of the Federal income tax return and any Federal schedules reporting Vermont income or loss. Dates of Vermont Residency in 2014 Enter the dates you lived in Vermont in Name of State(s) During Non-Vermont Residency Write the names of the other states, Canadian provinces, or countries where you were a resident in PART I (For Nonresidents and Some Part-Year Vermont Residents) Unless otherwise indicated in the line instruction, the Vermont portion is the income received from Vermont or received while a Vermont resident. Lines 1-15, Column A Enter the income for these categories as shown on your Federal income tax return. NOTE: For Line 3A - Use amount from 1040, Line 9a, or 1040A, Line 9a. For Line 10A - Use amount from Federal K-1 before recalculation for exclusion of bonus depreciation. For Line 13A - Use amount reported on Federal income tax return. For Line 15A - Use amounts from 1040, Lines 14 and 21. Nonresidents: Use Line 15A to adjust for non-vermont state and local obligations and U.S. obligation interest. Line 15, Column A Examples of other income: gambling winnings including lotteries, raffles, or lump-sum payment from sale of right to receive future lottery annuity; reimbursement this year for items itemized last year such as medical expenses; interest; income from rental of personal property; taxable distributions from Coverdell Education Savings Account or Qualified Tuition Plan, medical savings account or Archer Medical Savings Account. Instructions continued on page 37 13

14 Nonresidents: Enter 999 for the school district code on Form IN-111. VT VT VT SCHOOL SCHOOL DISTRICT NAME SCHOOL SCHOOL DISTRICT NAME SCHOOL CODE CODE CODE SCHOOL DISTRICT NAME 001 ADDISON 064 ELMORE 125 MONTGOMERY 002 ALBANY 065 ENOSBURG 126 MONTPELIER 003 ALBURGH 066 ESSEX JUNCTION 127 MORETOWN 004 ANDOVER 067 ESSEX TOWN 128 MORGAN 005 ARLINGTON 070 FAIR HAVEN 129 MORRISTOWN 006 ATHENS 068 FAIRFAX 130 MOUNT HOLLY 255 AVERILL 069 FAIRFIELD 131 MOUNT TABOR 256 AVERY S GORE 071 FAIRLEE 135 NEW HAVEN 007 BAKERSFIELD 072 FAYSTON 132 NEWARK 008 BALTIMORE 257 FERDINAND 133 NEWBURY 009 BARNARD 073 FERRISBURGH 134 NEWFANE 010 BARNET 074 FLETCHER 136 NEWPORT CITY 011 BARRE CITY 075 FRANKLIN 137 NEWPORT TOWN 012 BARRE TOWN 076 GEORGIA 138 NORTH BENNINGTON ID 013 BARTON 258 GLASTENBURY 140 NORTH HERO 014 BELVIDERE 077 GLOVER 139 NORTHFIELD 015 BENNINGTON 078 GOSHEN 141 NORTON 016 BENSON 079 GRAFTON 142 NORWICH 017 BERKSHIRE 080 GRANBY 143 ORANGE 018 BERLIN 081 GRAND ISLE 144 ORLEANS 019 BETHEL 082 GRANVILLE 145 ORWELL 020 BLOOMFIELD 083 GREENSBORO 146 PANTON 021 BOLTON 084 GROTON 147 PAWLET 022 BRADFORD 085 GUILDHALL 148 PEACHAM 023 BRAINTREE 086 GUILFORD 149 PERU 024 BRANDON 087 HALIFAX 150 PITTSFIELD 025 BRATTLEBORO 088 HANCOCK 151 PITTSFORD 026 BRIDGEWATER 089 HARDWICK 152 PLAINFIELD 027 BRIDPORT 090 HARTFORD 153 PLYMOUTH 028 BRIGHTON 091 HARTLAND 154 POMFRET 029 BRISTOL 092 HIGHGATE 155 POULTNEY 030 BROOKFIELD 093 HINESBURG 156 POWNAL 031 BROOKLINE 094 HOLLAND 157 PROCTOR 032 BROWNINGTON 095 HUBBARDTON 158 PUTNEY 033 BRUNSWICK 096 HUNTINGTON 159 RANDOLPH 252 BUEL S GORE 097 HYDE PARK 160 READING 034 BURKE 098 IRA 161 READSBORO 035 BURLINGTON 099 IRASBURG 162 RICHFORD 036 CABOT 100 ISLE LA MOTTE 163 RICHMOND 037 CALAIS 101 JAMAICA 164 RIPTON 038 CAMBRIDGE 102 JAY 165 ROCHESTER 039 CANAAN 103 JERICHO 166 ROCKINGHAM 040 CASTLETON 253 JERICHO ID 167 ROXBURY 041 CAVENDISH 104 JOHNSON 168 ROYALTON 042 CHARLESTON 185 KILLINGTON 169 RUPERT 043 CHARLOTTE 105 KIRBY 170 RUTLAND CITY 044 CHELSEA 106 LANDGROVE 171 RUTLAND TOWN 045 CHESTER 107 LEICESTER 172 RYEGATE 046 CHITTENDEN 108 LEMINGTON 173 SAINT ALBANS CITY 047 CLARENDON 259 LEWIS 174 SAINT ALBANS TOWN 048 COLCHESTER 109 LINCOLN 175 SAINT GEORGE 049 CONCORD 110 LONDONDERRY 176 SAINT JOHNSBURY 050 CORINTH 111 LOWELL 177 SALISBURY 051 CORNWALL 112 LUDLOW 178 SANDGATE 052 COVENTRY 113 LUNENBURG 179 SEARSBURG 053 CRAFTSBURY 114 LYNDON 180 SHAFTSBURY 054 DANBY 115 MAIDSTONE 254 SHAFTSBURY ID 055 DANVILLE 116 MANCHESTER 181 SHARON 056 DERBY 117 MARLBORO 182 SHEFFIELD 057 DORSET 118 MARSHFIELD 183 SHELBURNE 058 DOVER 119 MENDON 184 SHELDON 059 DUMMERSTON 120 MIDDLEBURY 186 SHOREHAM 060 DUXBURY 121 MIDDLESEX 187 SHREWSBURY 061 EAST HAVEN 122 MIDDLETOWN SPRINGS 260 SOMERSET 062 EAST MONTPELIER 123 MILTON 188 SOUTH BURLINGTON 063 EDEN 124 MONKTON 189 SOUTH HERO 14 VT SCHOOL DISTRICT CODES Homeowners: For Form IN-111, use the school district code where you owned and resided on December 31, For Form HS-122, use the school district code where you own and reside on April 1, Renters: Use the school district code where you rented on December 31, Check with your landlord or local school officials if you are not sure which code to use. Enter the school district code on Form IN-111 (if you are required to file that form) and Form PR-141. VT SCHOOL CODE SCHOOL DISTRICT NAME 190 SPRINGFIELD 191 STAMFORD 192 STANNARD 193 STARKSBORO 194 STOCKBRIDGE 195 STOWE 196 STRAFFORD 197 STRATTON 198 SUDBURY 199 SUNDERLAND 200 SUTTON 201 SWANTON 202 THETFORD 203 TINMOUTH 204 TOPSHAM 205 TOWNSHEND 206 TROY 207 TUNBRIDGE 208 UNDERHILL ID 209 UNDERHILL TOWN 210 VERGENNES 211 VERNON 212 VERSHIRE 213 VICTORY 214 WAITSFIELD 215 WALDEN 216 WALLINGFORD 217 WALTHAM 218 WARDSBORO 261 WARNER S GRANT 219 WARREN 262 WARREN S GORE 220 WASHINGTON 221 WATERBURY 222 WATERFORD 223 WATERVILLE 224 WEATHERSFIELD 225 WELLS 226 WELLS RIVER 227 WEST FAIRLEE 230 WEST HAVEN 234 WEST RUTLAND 235 WEST WINDSOR 228 WESTFIELD 229 WESTFORD 231 WESTMINSTER 232 WESTMORE 233 WESTON 236 WEYBRIDGE 237 WHEELOCK 238 WHITING 239 WHITINGHAM 240 WILLIAMSTOWN 241 WILLISTON 242 WILMINGTON 243 WINDHAM 244 WINDSOR 245 WINHALL 246 WINOOSKI 247 WOLCOTT 248 WOODBURY 249 WOODFORD 250 WOODSTOCK 251 WORCESTER

15 Personal Income Tax Return Booklet - Web version Pages information Forms on pages of the printed Income Tax Return booklet have been removed from this document but are provided on our website. Click here to go to the Individual Income Tax Resource Area.

16 Continued from page 13 Lines 1-15, Column B Enter the Vermont portion for these categories from your Federal income tax return. NOTE: For Line 3B - Use the amount of ordinary dividends received while a Vermont resident. For Line 7B - Include amount from Line 2 of K-1VT plus all additional Vermont-sourced capital gains. For Line 10B - Use sum of Line 1 and Line 3 of K-1VT before recalculation for exclusion of bonus depreciation. For Line 13B - Enter total amount received for Vermont unemployment. For Line 15B - Use the amount of other income earned or received from 1040, Lines 14 and 21 from Vermont sources. Nonresidents: Do not include tax-exempt interest here to adjust for non-vermont state and local obligations and U.S. obligation interest. Lines Column A Enter the amount for these categories as shown on your Federal income tax return. Lines 17-25, Column B Enter the portion of the deductions paid or incurred during your Vermont residency or resulting from Vermont income earned or received. Line 26, Column A Enter the combined amounts of Educator Expenses from 1040, Line 23, or 1040A, Line 16, and Tuition and fees from 1040, Line 34, or 1040A, Line 19. Line 26, Column B The Vermont portion of Educator Expenses and Tuition and fees during Vermont residency. Line 27, Column A Enter deduction(s) to AGI that are included in the total on Federal return 1040, Line 36. Line 27, Column B Enter the portion of the deductions paid or incurred during your Vermont residency or resulting from Vermont income earned or received. PART II Adjustment for Vermont Exempt Income Line 32 If Part I is completed, enter the amount from Line 29. Otherwise, enter Adjusted Gross Income from Form IN-111, Line 10. Line 33 Part-Year Residents and Nonresidents: Enter the amount from Part I, Line 31. Full-Year Residents: Enter 0. Line 34 Line 35 Line 36 Line 37 Line 38 Line 39 Enter the amount of Vermont exempt military pay received in 2014 that is included in your Federal adjusted gross income. Exempt military pay is: I. Wages earned from the armed services for full-time active duty outside of Vermont. You may be asked to provide the Required Supporting Documents: Copy of active duty orders. II. Up to $2,000 for National Guard or U.S. Reserve training pay earned in Vermont if your adjusted gross income for tax year 2014 is less than $50,000. You may be asked to provide the Required Supporting Documents: Copy of DFAS form or certification statement from unit that all training was completed during the calendar year. III. Student loan repayment can be taken only if the amount is included in your adjusted gross income. Enter the repayment benefit made under 10 U.S.C. Chapters 109 and 1609 for You may be asked to provide the Required Supporting Documents: Certification statement from armed services showing your name, address, Social Security Number, amount of student loan repayment, and payment date. Enter the amount you received in 2014 for Regular Railroad Retirement Benefits (Tier 1) and Supplemental Railroad Annuity Payments (Tier 2). This income is taxable at the Federal level, but exempt from Vermont income tax. If you receive Social Security that includes Tier 1 or Tier 2 benefits, enter only the portion included in your Federal adjusted gross income. You may be asked to provide the Required Supporting Documents: Copies of 1099, 1099RB, WP-4, or any other document you received showing payment of these benefits. Enter the amount or the portion eligible for business expenses made to comply with the Americans with Disabilities Act under Internal Revenue Code 44 for a business located in Vermont. You may be asked to provide the Required Supporting Documents: Copy of Federal return. The interest or income from a bond or note of: (1) Vermont Student Assistance Corporation (VSAC), (2) Build America, (3) Vermont Telecommunications Authority, or (4) Vermont Public Power Supply Authority is exempt from Vermont income tax to the extent the interest or income is included in Federal Adjusted Gross Income. Enter the amount of interest or income from these sources that is also included in your Federal Adjusted Gross Income. Add Lines 33 through 37 and enter result. This is the total amount of income not subject to Vermont income tax. No entry is needed on this line if you did not have entries on Lines Subtract Line 38 from Line 32. This is the Vermont income subject to tax. 37

17 Line 40 Divide Line 39 by Line 32. Also enter on Form IN-111, Line 21. Carry out to two decimal places. Example: XX.XX% Dealing with negatives If Line 32 or 33 is a negative, enter 100% If Line 38 or 39 is a negative, enter 0% If Lines 32 and 39 are a negative, enter 0% SCHEDULE IN-154 State/Local Income Tax Addback Who must file Schedule IN-154? If you itemized your deductions on your 2014 Federal return 1040, Line 40, and claimed more than $5,000 in state and local income tax on Federal Schedule A, Line 5a. OR You completed IN-154 for 2013 and you received a refund check for your state and local income taxes. Do not file this form if you used the Federal Standard Deduction. The amount of state and local income taxes in excess of $5,000 deducted from federal adjusted gross income for the taxable year is required to be added back to Vermont Taxable Income. However, the amount is limited to that which will reduce total itemized deductions below the standard deduction. PART A 2014 Federal Return 1040, Schedule A Deduction Line 1 Enter amount of itemized deductions from Federal return 1040, Schedule A, Line 29. Line 2 Enter allowable federal standard deduction for your filing status. Standard Single 6,200 Married Filing Jointly or Qualifying Widow(er) 12,400 Married Filing Separately 6,200 Head of Household 9,100 OR For those born before January 2, 1950 or blind and entry on Federal Return 1040, Line 39a is ,750 9,300 n/a n/a 13,600 14,800 16,000 17,200 7,400 8,600 9,800 11,000 10,650 12,200 n/a n/a Line 3 Subtract Line 2 from Line 1. Line 4 Line 5 38 Enter amount of state and local income taxes from Federal return 1040, Schedule A, Line 5a. If your itemized deductions are limited, go to the Department s website at for further instructions. Allowable state and local income taxes deduction. Line 6 Subtract Line 5 from Line 4. PART B Adjustment for Recapture of Excess 2013 Addback Line 7 Enter amount from your 2014 Federal return 1040, Line 10. If entry is zero (0), skip Parts B and C and enter the lesser amount of Line 3 or Line 6 on Form IN-111, Line 12c. Line 8 Enter the lesser amount from 2013 Vermont Schedule IN-154, Line 3 or Line 6. Line 9 Enter the lesser of Line 7 or Line 8. Line 10 Subtract Line 9 from the lesser of Line 3 or Line 6. This is the 2014 addback amount. Enter this amount on Form IN-111, Line 12c. If the difference is less than zero (0), check the box at Form IN-111, Line 12c to indicate a negative number. FORM HS-122 SECTION A Homestead Declaration and Property Tax Adjustment Vermont Homestead Declaration THE HOMESTEAD DECLARATION must be filed each year by Vermont residents for purposes of the state education tax rate. The Declaration identifies the property as the homestead of the Vermont resident. A Vermont homestead is taxed at the homestead education property tax rate, while a different education property tax rate applies to non-homestead property. Non-homestead property is property used for commercial purposes or property not used as the primary residence, such as a second home, camp, or summer cottage. A property may be classified as both homestead and non-homestead. This occurs when a part of the home is used for commercial purposes or as a rental. The property tax bill will show a homestead education property tax rate and a non-homestead education property tax rate. For more information on the Homestead Declaration, see 32 V.S.A and Reg (7).

18 You must file a declaration by April 15, 2015, if you meet all of the following eligibility requirements: 1. Own the Vermont property as your principal residence on April 1, 2015, AND 2. Expect to physically occupy the Vermont property as your domicile. The declaration must be filed even if it is late. Other ownership circumstances include the following: Joint ownership only one owner occupant should file. Owners with a life estate interest who occupy the dwelling as their primary residence must file. Certain trusts may qualify as a homestead. For more information, read Reg (7) Homestead at Please note that changes to this regulation are being proposed to conform to amendments made to this statute. A residence, held by an estate which was the homestead of the decedent at the time of death, may file a homestead if not rented. Homestead Declarations filed by April 15, 2015, are considered timely, classified as homesteads on the grand list, and taxed at the homestead education property tax rate. Homestead Declarations filed after April 15, 2015, are classified as homesteads but may be assessed the following penalty by the town: Up to 3% if the nonresidential rate is higher than the homestead education property tax rate. Up to 8% if the nonresidential rate is lower than the homestead education property tax rate. Homestead Declarations filed after Oct. 15, 2015, will be classified as non-homestead. The owner will be charged the higher of the two rates, assessed a penalty, and must pay any additional property tax and interest due. What if you SELL your property before April 1, 2015? If you filed a Homestead Declaration and Property Tax Adjustment Claim before April 1, 2015, you must withdraw the declaration and claim using Form HS-122W. Form HS-122W is available on our website at What if you rent your homestead on April 1 and occupy it yourself for fewer than 183 days in the calendar year? You must withdraw the declaration using Form HS-122W. Form HS-122W is available on our website at gov. Because the Homestead Declaration is a prerequisite to file a Property Tax Adjustment claim, you will no longer be eligible for the adjustment. Line-By-Line Instructions Claimant Information: Enter your Social Security Number, name, and address. If applicable, enter the Social Security Number and name of your spouse/civil union partner. Enter your date of birth. Example: March 27, 1948, is entered as Location of Homestead: Enter the physical location (street, road name) Examples: 123 Maple Street or 276 Route 12A Please DO NOT enter a post office box or write same, see above, or the city/town name. Line A1 Line A2 Line A3 Line A4 Line A5 Vermont School District Code: Enter the 3-digit school district code where you pay education property tax as of April 1, Most towns print the code on the property tax bill. A school district code chart is available in this booklet. Legal Residence: Enter the town or city name of your legal residence as of April 1, If there is both a city and town with the same name, please specify. Examples: Barre City or Barre Town, St. Albans City or St. Albans Town SPAN (School Property Account Number): This is a unique 11-digit identification number assigned by the town or city and is printed on the property tax bill. It is very important to verify your SPAN. The property tax adjustment is credited to the property tax bill for this SPAN. Business Use of Home: Enter percentage of the dwelling used for business. Leave blank if there is no business use or the business use is 25% or less. Rental Use of Home: Enter the percentage of the dwelling that is rented. All rental use is required to be reported even if it is 25% or under. Line A6 Business or Rental Use of Improvements and Other Buildings on the Property Check the applicable Yes or No box. Check the Yes box if any improvements or other buildings are rented out or used for business. Lines A7-A10 Special Situations: Check situation applicable. 39

19 40 FORM HS-122 SECTION B Property Tax Adjustment Claim To be eligible for a PROPERTY TAX ADJUSTMENT CLAIM, you must meet all of the following eligibility requirements: 1. The property must be declared as your homestead 2. You were domiciled in Vermont for the entire 2014 calendar year 3. You own the property as your principal residence on April 1, You were not claimed as a dependent of another taxpayer for the 2014 tax year 5. You meet the household income criteria of $109,000 or less Due Date - APRIL 15, 2015 Property Tax Adjustment Claims filed between April 16 and Oct. 15, 2015, will have a $15 late filing fee deducted from the property tax adjustment Property Tax Adjustment Claims filed after Oct. 15, 2015, cannot be accepted. Incomplete claims cannot be processed and are not considered filed. Receipt Date Forms mailed through the U.S. Post Office are considered timely if received by the Department within three business days of the due date. If you file electronically, the receipt date is the transmission date. If you bring the form to the Department in person, it must be on or before the due date. HOMEOWNER DECEASED before April 1, 2015? If the claim was not filed jointly with another owner before April 1, 2015, the claim must be withdrawn using Form HS-122W. The right to file a property tax adjustment claim is personal to the claimant and does not survive the claimant s death. PURCHASED a home as your primary residence on or before April 1, 2015? You must file Form HS-122 Section A and B to make a property tax adjustment claim. You can file online at Amending Form HS-122 An error on the 2015 Form HS-122 may be corrected up to Oct. 15, After that date, only household income may be amended. INJURED SPOUSE CLAIMS: To make an injured spouse claim, send the following information prior to filing your claim; 1. The request letter; 2. Copy of Federal return 8379 (if you filed this form with the IRS); and, 3. Documentation of your ownership interest. Mail information to: Vermont Department of Taxes ATTN: Injured Spouse Unit PO Box 1645 Montpelier VT The Department will notify you if the property tax adjustment is taken to pay a bill. You have 30 days from the date on the notice to submit the injured spouse claim to the Department. Line-By-Line Instructions Complete Schedule HI-144 first to determine if you meet the household income criteria. Schedule HI-144 must be submitted with Form HS-122. See instructions for Line B9 Mobile Home Lot Rent, Lines B10 & B11 Allocated Property Tax from Land Trust, Cooperative, or Nonprofit Mobile Home Park, and Lines B12 & B13, the education and municipal tax on a property whose housesite value is less than 2 acres and crosses town boundaries. Additional documents may be required. Lines B1 B3 Eligibility Questions: Check the appropriate Yes or No box to answer the eligibility questions. ALL eligibility questions must be answered. Information for Lines B4-B6 is found on your 2014/2015 property tax bill. Line B4 Housesite Value: Enter the assessed housesite value shown on the 2014/2015 property tax bill. See the instructions under Special Situations for information on new construction or purchase of a new home. Line B5 Line B6 Line B7 Housesite Education PropertyTax: Enter the education property tax shown on the 2014/2015 property tax bill. Housesite Municipal Tax: Enter the municipal property tax shown on the 2014/2015 property tax bill. Ownership Interest: If you and the members of the household own and occupy the property as your principal residence, enter 100%. See the instructions under Special Situations if there is another owner(s) that does not live in the household or you live in a duplex. Line B8 Household Income: Enter the amount calculated on Schedule HI-144, Line y. Line B8a Line B9 If you are amending your Household Income Schedule, please mark the box with an X. Lot Rent for a Mobile Home: If you rent a lot in a privately owned mobile home park, obtain the Landlord s Certificate, Form LC-142, from your landlord and enter the amount of allocable rent from Line 16.

20 Lines B10 B11 Allocated Tax from Land Trust, Cooperative, or Nonprofit Mobile Home Park: Enter the amount of education and municipal property tax shown on the statement issued to you by the land trust, cooperative or nonprofit mobile home park. Lines B12 B13 Property Tax from Contiguous Property: If you own contiguous property, you may use the property taxes from that parcel if the property tax bill for your dwelling has under two acres or part of the dwelling or a building, such as a garage, is on the contiguous property. MAXIMUM 2015 PROPERTY TAX ADJUSTMENT IS $8,000 The property tax adjustment will appear as a state payment on your 2015/2016 property tax bill. Signature: Date: Sign the property tax adjustment claim. Enter the date you sign the claim. Disclosure Authorization: Check this box if you wish to give the Vermont Department of Taxes authorization to discuss this claim with your tax preparer. Be sure the tax preparer s name is included. Preparer: Domicile Homeowner If you are a paid preparer, you must sign this claim, enter your Social Security Number or PTIN, and if employed by a business, include the EIN of the business. If someone other than the homeowner prepared this claim without charging a fee, the preparer s signature is optional. If mailing this return, send to: Vermont Department of Taxes PO Box 1881 Montpelier, VT SCHEDULE HI-144 Household Income Schedule For a definition of domicile, please refer to Reg (11)(A)(i)-Domicile at Is a person who owns and occupies the housesite as his or her primary residence. Household Income means modified adjusted gross income, but not less than zero (0), received in a calendar year by: all persons of a household while members of that household; AND the spouse of the claimant who is not a member of that household and who is not legally separated from the claimant, unless the spouse is at least 62 years of age and has moved to a nursing home or other care facility with no reasonable prospect of returning to the homestead. Household Members include you, your spouse/civil union partner, roommates, and family members (including children) even if they file their own income tax returns and are not considered dependents. Exceptions - The following are not considered household members: A person who is not related to any member of the household and who is living in the household under a written home sharing agreement pursuant to a nonprofit home sharing program authorized by the Vermont Department of Disability, Aging and Independent Living. A person living in the household who is a bona fide employee hired to provide personal care to a member of the household and who is not related to the person for whom the care is provided. A person who resides with the claimant for the primary reason of providing attendant care services or homemaker or companionship services with or without compensation that allows the claimant to remain in his or her home or avoid institutionalization. The claimant must be disabled or 62 years of age or older as of Dec. 31, Members of the household for a portion of the year. You must include the income received by all persons residing in the home or apartment during the period they resided in the home or apartment. 41

21 Household Income Lines a-m on Schedule HI-144 list the items of income that are required to be reported for Household Income. Report your income under Column 1, Claimant. Your spouse/civil union partner income is reported under Column 2. Exceptions applying to spouse/civil union partner - (1) Unless you are legally separated, your spouse/ civil union partner s income must be included even if that person is not living with you; and (2) Income of a spouse who is age 62 or older and has moved permanently to a nursing home or other care facility is not included. Report income from all others who resided in your house or apartment under Column 3, Other Persons. Exclusions: The following are not part of household income: Payments by the State of Vermont for foster care pursuant to Chapters 49 and 55 of Title 33 Payments by the State of Vermont to a family for the support of an eligible person with a developmental disability Payments by the State of Vermont or an agency designated in Title 18 Section 8907 for adult foster care payments (formerly difficulty of care payments) Surplus food or other relief in-kind supplied by a government agency The first $6,500 of income received (earned or unearned) by a person who qualifies as a dependent of the claimant under the Internal Revenue Code AND who is the claimant s parent or disabled adult child The first $6,500 of income earned, such as wages, salaries, tips, etc., by a full-time student who qualifies as a dependent of the claimant (all unearned income must be reported) The first $6,500 of gifts of cash and/or cash equivalents received by all household members Distributions from the contributions to a ROTH IRA (distributions from the earnings of the ROTH IRA are to be reported in household income) Gifts from a nongovernmental source, such as aid provided by the Red Cross, Salvation Army, a church, to assist paying a living expense (for example, fuel, utilities, rent) Line-By-Line Instructions Household Income Line a Cash public assistance and relief Enter all payments from the State of Vermont Agency of Human Services except for foster care payments, difficulty of care payments, food stamps, and fuel assistance. The first $6,500 of refugee settlement payment is excluded. Line b Line c Line d Line e Line f Line g Line h Social Security, SSI, disability, railroad retirement, and veterans benefits (taxable and nontaxable) Enter payments from Social Security as reported in Box 5 of your SSA-1099 (this box adjusts for any repayment of Social Security benefits you were required to make) or from Federal return 1040, Line 20a or 1040A, Line 14a. Social Security benefits also include SSI and SSD payments. Enter all railroad retirement from RRB-1099 and veterans benefits. Unemployment compensation and workers compensation Enter the full unemployment compensation shown on Federal Form 1099-G plus any workers compensation you received. Wages, salaries, tips, etc. Enter the income shown in Box 1 of the W-2. Also report Federal Form 1099-MISC issued for nonemployee compensation if this is income not included as part of Line h, Business Income. See exclusions in Household Income section before completing this line. Interest and dividends Enter the income required to be reported on Lines 8a and 9a of Federal returns 1040 or 1040A; or on Line 2 of Federal return 1040EZ plus the nontaxable interest not required to be reported on Federal return 1040EZ. Interest on U.S., state, or municipal obligations Enter the income reported on Line 8b of Federal return 1040 or 1040A and all interest income from Federal, state or municipal government bonds. This includes interest taxed at the Federal level but exempted for Vermont income tax purposes and interest not taxed at the Federal level. Alimony, support money, child support, cash and cash equivalent gifts Enter the total received for alimony, child support and other support money. Support money includes payment of housing expenses for household member or other financial assistance that makes it possible for the household member to live in the homestead or rental unit. Also gifts of cash or cash equivalent received by household members must be reported. Cash equivalent includes stocks, bonds, treasury obligations, certificates of deposit, or other instruments convertible to cash. Business income Enter income attributable to a business. If there is a business loss, enter 0. For taxpayers filing Married Filing Jointly, where both spouses have business income or loss from sole proprietorships, enter the amount from Federal return 1040, Line 12, or enter 0 if Line 12 is negative, in the Claimant column. 42

22 Line i Line j Line k Line l Line m Capital gain Report nontaxable gains from sale of home and gains from Federal return 1040 Schedule D: A capital loss carryforward cannot offset a current year capital gain. Add back 1040, Schedule D, Lines 6 and 14 to Line 16. This cannot be less than 0. Exception: A business loss may offset a capital gain on the sale of the business s property provided (1) the loss and capital gain are for the same business; and (2) the IRS requires the capital gain to be reported; and (3) the business loss and capital gain from the sale of the business s property both occurred in the 2014 tax year. If the offset of the capital gain by the loss creates a negative amount, enter 0. A capital loss cannot offset business income. Taxable pensions, annuities, IRAs, and retirement fund distributions. Enter the income from retirement, deferred compensation plans, and annuities as reported on Federal return 1040, Lines 15b and 16b or Federal return 1040A, Lines 11b and 12b. Household income includes non-qualified distributions from retirement and deferred compensation plans and both taxable and nontaxable federal pension and annuity benefits. Rental and Royalty income Enter the income from each rental property you own as reported on Federal Schedule E, Part I. Each rental property stands on its own. A loss generated by one property may not be used to reduce income from a different property. Read Technical Bulletin 56 at for the proper treatment of rental income and losses. Room and board payments made to you by member(s) of the household are rental income and must be reported on this line. Report royalty income from Federal Form 1099-MISC, 1099-S, K-1 or Schedule E, Part I. Income from Partnerships, S Corporations, LLCs, Farms, Trusts and Estates Federal Schedule K-1 passthrough income as required to be reported on Federal return 1040, Schedules E and/or F. Report ordinary business income, rental income and guaranteed payments from K-1 on this line. The loss from one K-1 cannot offset income from another K-1. A loss is reported as 0. See Line i instructions for the only provision allowing netting of a business loss. Other income Sources of other income include, but are not limited to, prizes and awards, gambling or lottery winnings, director s fees, employer allowances, taxable refunds from Federal return 1040, Line 10, allowances received by dependents of armed service personnel and military subsistence payments (BAH, FSA), loss of time insurance, cost of living adjustment paid to federal employees, and other gains from Federal return 1040, Line 14. Report on this line income reported to you by Federal Form 1099-MISC or W-2G. Line n Add items a through m by column. Carry those amounts over to the top of the next page. Adjustments to Income: The following adjustments to household income may be made for each member of the household. Line o Social Security and Medicare Tax Withheld and Self-Employment Tax on Income Reported Social Security and Medicare payroll tax payments are deducted from household income, but only to the extent that the salary and wages are included in household income. Please see the examples that follow: 1. Deferred compensation If you made a deferred compensation contribution for the tax year, the amount of the contribution is not included in the Federal adjusted gross income as stated in Box 1 on your W-2 form. The Social Security and Medicare taxes on the W-2 must be reduced for the purposes of reporting household income on the HI-144. To report the correct value on Line o, multiply the amount stated in Box 1 on the W-2 by 7.65%. 2. Military pay Multiplying the amount stated in Box 1 on the W-2 by 7.65% provides the correct value for this deduction. 3. Allocated tips In addition to the figures included on the W-2, add the Social Security and Medicare payments you made as the result of completing Federal Form Self-Employed Social Security and Medicare Taxes Paid Self-employed claimants may subtract from household income the amount from Federal Schedule SE, Section A, Line 5, or Section B, Line 12, that represents the Social Security and Medicare taxes paid for 2014 for income reported on HI-144. For income not required to be reported upon which Social Security and Medicare taxes were paid, multiply the income not reported on HI-144 by 15.3% and subtract the result from the Federal Schedule SE amount. The amount of Social Security and Medicare taxes reported on this line includes the allowable deduction for one-half self-employment tax on Federal return 1040, Line 27. You may be asked for a copy of your Federal Schedule SE. Line p Child support paid Report only those payments for which receipts or other evidence of payment is available. This evidence may include cancelled checks or a statement from the Office of Child Support in addition to the name and Social Security Number of the parent receiving the payment. 43

23 Line q Line r Line s Allowable Adjustments from Federal return 1040 or return 1040A The following expenses may be subtracted from income. Certain business expenses of reservists - Line 24 from Federal return 1040 Alimony paid - Line 31a from Federal return 1040 Tuition and fees - Line 34 from Federal return 1040 or Line 19 from Federal return 1040A Self-employed health insurance deduction Line 29 from Federal return 1040 Health savings account deduction - Line 25 from Federal return 1040 Add Lines o, p, and the total of Lines q1 to q5 for each column. Subtract the total adjustments on Line r from the total income on Line n for each column. The adjustments for any individual in your household cannot exceed the income of that individual. If Line n minus Line r is negative, enter 0. Line t Add columns 1, 2, and 3 and enter sum. Entry cannot be less than zero (0). Line u For claimants under the age of 65 as of Dec. 31, 2014, enter the total of interest and dividends for all household members reported on Lines e and f in each column. Line v Add the three columns on Line u. Line w For purposes of calculating the property tax adjustment or renter rebate, household income is increased by the household total of interest and dividend income greater than $10,000. Line x Subtract Line w from Line v. If Line w is more than Line v, enter zero (0). Line y Household Income. Add Line t and Line x. Enter this figure on HS-122 or PR-141. SPECIAL SITUATIONS Deceased Homeowner Property Tax Adjustment: An estate cannot make a Property Tax Adjustment Claim on behalf of a deceased homeowner. If a homeowner files a Property Tax Adjustment Claim, but dies prior to April 1, the estate must withdraw the claim using Form HS-122W. The estate is responsible to repay any adjustment issued. If the homeowner filed a Property Tax Adjustment Claim between January and March 31 and dies after April 1, the commissioner may pay the adjustment to the town on behalf of another member of the household with ownership interest. An estate may continue classification of the property as a homestead until the following April provided the property was the deceased homeowner s homestead at the time of death and the property is not rented. Delinquent Property Tax The 2015 property tax adjustment applies to the current year property tax. The municipality may use any remaining adjustment towards penalty, interest, or prior year property taxes. Nursing Home or Residential Care If the homeowner is age 62 or older and another owner who also lived in the homestead is the homeowner s spouse/civil union partner or sibling and has moved indefinitely from the homestead to a nursing home or residential care facility, the homeowner makes the Property Tax Adjustment Claim with 100% ownership. This is provided that the spouse/civil union partner or sibling does not make a Renter Rebare Claim or the spouse/ civil union partner or sibling does not make a Property Tax Adjustment Claim for the same homestead. If the homeowner has moved to a nursing home or residential care facility, a Property Tax Adjustment Claim may be made if there is a reasonable likelihood that the homeowner will be returning to the homestead and provided that the homeowner does not make a Renter Rebate Claim. The Department may ask for a doctor s certificate to help determine whether the nursing home or residential care facility is a temporary location. Renting at the End of the Year If you owned a Vermont homestead in 2014, sold the homestead before April 1, withdrew or did not file a Property Tax Adjustment Claim and rented between the date of the sale and Dec. 31, you may be eligible for a Renter Rebate Claim for rent paid in To qualify for a renter rebate, your household income must be $47,000 or less. NOTE: This is the only situation where a renter rebate can be claimed for fewer than 12 months. OWNERSHIP SITUATIONS Homeowner Age 62 or Older in 2014 If the homeowner shares ownership of the homestead with his or her descendant(s), the homeowner may claim 100% ownership interest on the Property Tax Adjustment Claim, even if the other owners (descendants) do not live in the homestead. A letter of explanation may be requested. 44

24 Divorced or Legally Separated Joint Owners If (1) you are divorced or legally separated from your spouse/civil union partner, and (2) your name and the name of the spouse/civil union partner from whom you are divorced or legally separated remain on the deed, and (3) you are awarded possession of the home, you claim as ownership percentage the property taxes for which you are responsible under the final divorce decree or court order. If the divorce decree or court order does not specify responsibility for the property taxes, the person residing in the homestead uses 50% ownership interest. The person not living in the homestead cannot make a Property Tax Adjustment Claim. The Department may ask for a copy of the portions of the court documents showing the court, date filed, signature page, and the homestead-related provisions. Duplex Housing Both owners occupy the building as their principal residence. The eligible housesite education property tax is the tax on the portion owned by each homeowner. If the town issues a property tax bill to each homeowner for his or her portion of the homestead, use the housesite value, housesite property tax, and 100% ownership interest. If the property tax bill is for the total property, prorate the housesite value, housesite property tax, and ownership interest. Both owners do not occupy the building as their principal residence. The owner occupying the duplex as his or her principal residence must prorate for the other owner s interest. Entity Ownership Property owned by a C or S corporation, partnership, or limited liability company cannot be claimed as an individual s homestead and is not eligible for property tax adjustment. There is an exception for a homestead located on a farm. Read Reg Homestead on the Publications page at Life Estate A person who holds a life estate interest in a property that he or she occupies as a principal residence may make a Property Tax Adjustment Claim as if the life estate holder was the owner of the property. The deed does not have to be attached to the Property Tax Adjustment Claim but must be available for review upon Department request. Trust Ownership A dwelling owned by a trust is not the homestead of the beneficiary unless the claimant is the sole beneficiary of the trust and one of the following: 1. The claimant or the claimant s spouse was the grantor of the trust, and the trust is revocable or became irrevocable solely by reason of the grantor s death; OR 2. The claimant is the parent, grandparent, child, grandchild or sibling of the grantor, the claimant is mentally disabled or severely physically disabled, and the grantor s modified adjusted gross income is included in the household income calculation. The term sole beneficiary is satisfied if the homeowner and the spouse/civil union partner are the only beneficiaries of the trust. A property owned by an irrevocable trust cannot be a homestead except as stated in (1) above. The trust document does not have to be attached to the Property Tax Adjustment Claim but must be available for review upon Department request. BUYING and SELLING PROPERTY Buying after April 1, 2014 For property purchased as your principal residence, you need to file a 2015 Homestead Declaration. If you are eligible to make a 2015 Property Tax Adjustment Claim and the property was declared as a homestead, use the seller s property tax bill. If the property was not a homestead in 2014, ask the town for the housesite value and the property taxes on the housesite as if it was a homestead in Property Transactions after April 1, 2015 The property tax adjustment stays with the property. In the case of the sale or transfer of a residence, any property tax adjustment amounts related to that residence shall be allocated to the seller at closing unless the parties agree otherwise. NEW CONSTRUCTION New homestead construction that was built after April 1, 2014, and is owned and occupied as a principal residence on April 1, 2015, must file Form HS-122 Homestead Declaration. Eligible homeowners may make a 2015 Property Tax Adjustment Claim. The claim will be based on the value of the parcel as of April 1,

25 2014 VT Rate Schedules Schedule X Use if your filing status is: Single If VT Taxable But Not VT Base Plus of the Income is Over Over Tax is amount over 0 36, % 0 36,900 75,000 1, % 36,900 TAXABLE INCOME UNDER $75,000 USE THE TAX TABLES 75,000 89,350 3, % 75,000 89, ,350 4, % 89, , ,100 12, % 186, ,100-31, % 405,100 Schedule Y-2 Use if your filing status is: Married Filing Separately; or Civil Union Filing Separately If VT Taxable But Not VT Base Plus of the Income is Over Over Tax is amount over 0 30, % 0 30,800 74,425 1, % 30,800 74,425 75,000 4, % 74,425 TAXABLE INCOME UNDER $75,000 USE THE TAX TABLES 75, ,425 4, % 75, , ,550 7, % 113, ,550-14, % 202,550 Schedule Y-1 Use if your filing status is: Married Filing Jointly; Qualifying Widow(er); or Civil Union Filing Jointly If VT Taxable But Not VT Base Plus of the Income is Over Over Tax is amount over 0 61, % 0 61,600 75,000 2, % 61,600 TAXABLE INCOME UNDER $75,000 USE THE TAX TABLES 75, ,850 3, % 75, , ,850 8, % 148, , ,100 14, % 226, ,100-29, % 405,100 Schedule Z Use if your filing status is: Head of Household If VT Taxable But Not VT Base Plus of the Income is Over Over Tax is amount over 0 49, % 0 49,400 75,000 1, % 49,400 TAXABLE INCOME UNDER $75,000 USE THE TAX TABLES 75, ,550 3, % 75, , ,600 7, % 127, , ,100 13, % 206, ,100-30, % 405,100 Example: VT Taxable Income is $82,000 (Form IN-111, Line 15). Filing Status is Married Filing Jointly. Use Schedule Y-1. Base Tax is $3,098. Subtract $75,000 from $82,000. Multiply the result ($7,000) by 6.8%. Add this amount ($476) to Base Tax ($3,098) for VT Tax of $3,574. Enter $3,574 on Form IN-111, Line

26 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is , , ,000 1,000 1, ,100 1, ,200 1, ,300 1, ,400 1, ,500 1, ,600 1, ,700 1, ,800 1, ,900 2, ,000 2,000 2, ,100 2, ,200 2, ,300 2, ,400 2, ,500 2, ,600 2, ,700 2, ,800 2, ,900 3, ,000 3,000 3, ,100 3, ,200 3, ,300 3, ,400 3, ,500 3, ,600 3, ,700 3, ,800 3, ,900 4, ,000 4,000 4, ,100 4, ,200 4, ,300 4, ,400 4, ,500 4, ,600 4, ,700 4, ,800 4, ,900 5, If Taxable Income is VT Tax Tables And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 5,000 5,000 5, ,100 5, ,200 5, ,300 5, ,400 5, ,500 5, ,600 5, ,700 5, ,800 5, ,900 6, ,000 6,000 6, ,100 6, ,200 6, ,300 6, ,400 6, ,500 6, ,600 6, ,700 6, ,800 6, ,900 7, ,000 7,000 7, ,100 7, ,200 7, ,300 7, ,400 7, ,500 7, ,600 7, ,700 7, ,800 7, ,900 8, ,000 8,000 8, ,100 8, ,200 8, ,300 8, ,400 8, ,500 8, ,600 8, ,700 8, ,800 8, ,900 9, ,000 9,000 9, ,100 9, ,200 9, ,300 9, ,400 9, ,500 9, ,600 9, ,700 9, ,800 9, ,900 10, If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 10,000 10,000 10, ,100 10, ,200 10, ,300 10, ,400 10, ,500 10, ,600 10, ,700 10, ,800 10, ,900 11, ,000 11,000 11, ,100 11, ,200 11, ,300 11, ,400 11, ,500 11, ,600 11, ,700 11, ,800 11, ,900 12, ,000 12,000 12, ,100 12, ,200 12, ,300 12, ,400 12, ,500 12, ,600 12, ,700 12, ,800 12, ,900 13, ,000 13,000 13, ,100 13, ,200 13, ,300 13, ,400 13, ,500 13, ,600 13, ,700 13, ,800 13, ,900 14, ,000 14,000 14, ,100 14, ,200 14, ,300 14, ,400 14, ,500 14, ,600 14, ,700 14, ,800 14, ,900 15, * This column also applies to qualifying widow(er) and civil union filing jointly status ** This column also applies to civil union filing separately status 47

27 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 15,000 15,000 15, ,100 15, ,200 15, ,300 15, ,400 15, ,500 15, ,600 15, ,700 15, ,800 15, ,900 16, ,000 16,000 16, ,100 16, ,200 16, ,300 16, ,400 16, ,500 16, ,600 16, ,700 16, ,800 16, ,900 17, ,000 17,000 17, ,100 17, ,200 17, ,300 17, ,400 17, ,500 17, ,600 17, ,700 17, ,800 17, ,900 18, ,000 18,000 18, ,100 18, ,200 18, ,300 18, ,400 18, ,500 18, ,600 18, ,700 18, ,800 18, ,900 19, ,000 19,000 19, ,100 19, ,200 19, ,300 19, ,400 19, ,500 19, ,600 19, ,700 19, ,800 19, ,900 20, If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 20,000 20,000 20, ,100 20, ,200 20, ,300 20, ,400 20, ,500 20, ,600 20, ,700 20, ,800 20, ,900 21, ,000 21,000 21, ,100 21, ,200 21, ,300 21, ,400 21, ,500 21, ,600 21, ,700 21, ,800 21, ,900 22, ,000 22,000 22, ,100 22, ,200 22, ,300 22, ,400 22, ,500 22, ,600 22, ,700 22, ,800 22, ,900 23, ,000 23,000 23, ,100 23, ,200 23, ,300 23, ,400 23, ,500 23, ,600 23, ,700 23, ,800 23, ,900 24, ,000 24,000 24, ,100 24, ,200 24, ,300 24, ,400 24, ,500 24, ,600 24, ,700 24, ,800 24, ,900 25, If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 25,000 25,000 25, ,100 25, ,200 25, ,300 25, ,400 25, ,500 25, ,600 25, ,700 25, ,800 25, ,900 26, ,000 26,000 26, ,100 26, ,200 26, ,300 26, ,400 26, ,500 26, ,600 26, ,700 26, ,800 26, ,900 27, ,000 27,000 27, ,100 27, ,200 27, ,300 27, ,400 27, ,500 27, ,600 27, ,700 27, ,800 27, ,900 28, ,000 28,000 28, ,100 28, ,200 28,300 1,003 1,003 1,003 1,003 28,300 28,400 1,006 1,006 1,006 1,006 28,400 28,500 1,010 1,010 1,010 1,010 28,500 28,600 1,014 1,014 1,014 1,014 28,600 28,700 1,017 1,017 1,017 1,017 28,700 28,800 1,021 1,021 1,021 1,021 28,800 28,900 1,024 1,024 1,024 1,024 28,900 29,000 1,028 1,028 1,028 1,028 29,000 29,000 29,100 1,031 1,031 1,031 1,031 29,100 29,200 1,035 1,035 1,035 1,035 29,200 29,300 1,038 1,038 1,038 1,038 29,300 29,400 1,042 1,042 1,042 1,042 29,400 29,500 1,045 1,045 1,045 1,045 29,500 29,600 1,049 1,049 1,049 1,049 29,600 29,700 1,053 1,053 1,053 1,053 29,700 29,800 1,056 1,056 1,056 1,056 29,800 29,900 1,060 1,060 1,060 1,060 29,900 30,000 1,063 1,063 1,063 1,063 * This column also applies to qualifying widow(er) and civil union filing jointly status ** This column also applies to civil union filing separately status 48

28 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 30,000 30,000 30,100 1,067 1,067 1,067 1,067 30,100 30,200 1,070 1,070 1,070 1,070 30,200 30,300 1,074 1,074 1,074 1,074 30,300 30,400 1,077 1,077 1,077 1,077 30,400 30,500 1,081 1,081 1,081 1,081 30,500 30,600 1,085 1,085 1,085 1,085 30,600 30,700 1,088 1,088 1,088 1,088 30,700 30,800 1,092 1,092 1,092 1,092 30,800 30,900 1,095 1,095 1,096 1,095 30,900 31,000 1,099 1,099 1,103 1,099 31,000 31,000 31,100 1,102 1,102 1,110 1,102 31,100 31,200 1,106 1,106 1,117 1,106 31,200 31,300 1,109 1,109 1,124 1,109 31,300 31,400 1,113 1,113 1,130 1,113 31,400 31,500 1,116 1,116 1,137 1,116 31,500 31,600 1,120 1,120 1,144 1,120 31,600 31,700 1,124 1,124 1,151 1,124 31,700 31,800 1,127 1,127 1,158 1,127 31,800 31,900 1,131 1,131 1,164 1,131 31,900 32,000 1,134 1,134 1,171 1,134 32,000 32,000 32,100 1,138 1,138 1,178 1,138 32,100 32,200 1,141 1,141 1,185 1,141 32,200 32,300 1,145 1,145 1,192 1,145 32,300 32,400 1,148 1,148 1,198 1,148 32,400 32,500 1,152 1,152 1,205 1,152 32,500 32,600 1,156 1,156 1,212 1,156 32,600 32,700 1,159 1,159 1,219 1,159 32,700 32,800 1,163 1,163 1,226 1,163 32,800 32,900 1,166 1,166 1,232 1,166 32,900 33,000 1,170 1,170 1,239 1,170 33,000 33,000 33,100 1,173 1,173 1,246 1,173 33,100 33,200 1,177 1,177 1,253 1,177 33,200 33,300 1,180 1,180 1,260 1,180 33,300 33,400 1,184 1,184 1,266 1,184 33,400 33,500 1,187 1,187 1,273 1,187 33,500 33,600 1,191 1,191 1,280 1,191 33,600 33,700 1,195 1,195 1,287 1,195 33,700 33,800 1,198 1,198 1,294 1,198 33,800 33,900 1,202 1,202 1,300 1,202 33,900 34,000 1,205 1,205 1,307 1,205 34,000 34,000 34,100 1,209 1,209 1,314 1,209 34,100 34,200 1,212 1,212 1,321 1,212 34,200 34,300 1,216 1,216 1,328 1,216 34,300 34,400 1,219 1,219 1,334 1,219 34,400 34,500 1,223 1,223 1,341 1,223 34,500 34,600 1,227 1,227 1,348 1,227 34,600 34,700 1,230 1,230 1,355 1,230 34,700 34,800 1,234 1,234 1,362 1,234 34,800 34,900 1,237 1,237 1,368 1,237 34,900 35,000 1,241 1,241 1,375 1,241 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 35,000 35,000 35,100 1,244 1,244 1,382 1,244 35,100 35,200 1,248 1,248 1,389 1,248 35,200 35,300 1,251 1,251 1,396 1,251 35,300 35,400 1,255 1,255 1,402 1,255 35,400 35,500 1,258 1,258 1,409 1,258 35,500 35,600 1,262 1,262 1,416 1,262 35,600 35,700 1,266 1,266 1,423 1,266 35,700 35,800 1,269 1,269 1,430 1,269 35,800 35,900 1,273 1,273 1,436 1,273 35,900 36,000 1,276 1,276 1,443 1,276 36,000 36,000 36,100 1,280 1,280 1,450 1,280 36,100 36,200 1,283 1,283 1,457 1,283 36,200 36,300 1,287 1,287 1,464 1,287 36,300 36,400 1,290 1,290 1,470 1,290 36,400 36,500 1,294 1,294 1,477 1,294 36,500 36,600 1,298 1,298 1,484 1,298 36,600 36,700 1,301 1,301 1,491 1,301 36,700 36,800 1,305 1,305 1,498 1,305 36,800 36,900 1,308 1,308 1,504 1,308 36,900 37,000 1,313 1,312 1,511 1,312 37,000 37,000 37,100 1,320 1,315 1,518 1,315 37,100 37,200 1,327 1,319 1,525 1,319 37,200 37,300 1,334 1,322 1,532 1,322 37,300 37,400 1,341 1,326 1,538 1,326 37,400 37,500 1,347 1,329 1,545 1,329 37,500 37,600 1,354 1,333 1,552 1,333 37,600 37,700 1,361 1,337 1,559 1,337 37,700 37,800 1,368 1,340 1,566 1,340 37,800 37,900 1,375 1,344 1,572 1,344 37,900 38,000 1,381 1,347 1,579 1,347 38,000 38,000 38,100 1,388 1,351 1,586 1,351 38,100 38,200 1,395 1,354 1,593 1,354 38,200 38,300 1,402 1,358 1,600 1,358 38,300 38,400 1,409 1,361 1,606 1,361 38,400 38,500 1,415 1,365 1,613 1,365 38,500 38,600 1,422 1,369 1,620 1,369 38,600 38,700 1,429 1,372 1,627 1,372 38,700 38,800 1,436 1,376 1,634 1,376 38,800 38,900 1,443 1,379 1,640 1,379 38,900 39,000 1,449 1,383 1,647 1,383 39,000 39,000 39,100 1,456 1,386 1,654 1,386 39,100 39,200 1,463 1,390 1,661 1,390 39,200 39,300 1,470 1,393 1,668 1,393 39,300 39,400 1,477 1,397 1,674 1,397 39,400 39,500 1,483 1,400 1,681 1,400 39,500 39,600 1,490 1,404 1,688 1,404 39,600 39,700 1,497 1,408 1,695 1,408 39,700 39,800 1,504 1,411 1,702 1,411 39,800 39,900 1,511 1,415 1,708 1,415 39,900 40,000 1,517 1,418 1,715 1,418 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 40,000 40,000 40,100 1,524 1,422 1,722 1,422 40,100 40,200 1,531 1,425 1,729 1,425 40,200 40,300 1,538 1,429 1,736 1,429 40,300 40,400 1,545 1,432 1,742 1,432 40,400 40,500 1,551 1,436 1,749 1,436 40,500 40,600 1,558 1,440 1,756 1,440 40,600 40,700 1,565 1,443 1,763 1,443 40,700 40,800 1,572 1,447 1,770 1,447 40,800 40,900 1,579 1,450 1,776 1,450 40,900 41,000 1,585 1,454 1,783 1,454 41,000 41,000 41,100 1,592 1,457 1,790 1,457 41,100 41,200 1,599 1,461 1,797 1,461 41,200 41,300 1,606 1,464 1,804 1,464 41,300 41,400 1,613 1,468 1,810 1,468 41,400 41,500 1,619 1,471 1,817 1,471 41,500 41,600 1,626 1,475 1,824 1,475 41,600 41,700 1,633 1,479 1,831 1,479 41,700 41,800 1,640 1,482 1,838 1,482 41,800 41,900 1,647 1,486 1,844 1,486 41,900 42,000 1,653 1,489 1,851 1,489 42,000 42,000 42,100 1,660 1,493 1,858 1,493 42,100 42,200 1,667 1,496 1,865 1,496 42,200 42,300 1,674 1,500 1,872 1,500 42,300 42,400 1,681 1,503 1,878 1,503 42,400 42,500 1,687 1,507 1,885 1,507 42,500 42,600 1,694 1,511 1,892 1,511 42,600 42,700 1,701 1,514 1,899 1,514 42,700 42,800 1,708 1,518 1,906 1,518 42,800 42,900 1,715 1,521 1,912 1,521 42,900 43,000 1,721 1,525 1,919 1,525 43,000 43,000 43,100 1,728 1,528 1,926 1,528 43,100 43,200 1,735 1,532 1,933 1,532 43,200 43,300 1,742 1,535 1,940 1,535 43,300 43,400 1,749 1,539 1,946 1,539 43,400 43,500 1,755 1,542 1,953 1,542 43,500 43,600 1,762 1,546 1,960 1,546 43,600 43,700 1,769 1,550 1,967 1,550 43,700 43,800 1,776 1,553 1,974 1,553 43,800 43,900 1,783 1,557 1,980 1,557 43,900 44,000 1,789 1,560 1,987 1,560 44,000 44,000 44,100 1,796 1,564 1,994 1,564 44,100 44,200 1,803 1,567 2,001 1,567 44,200 44,300 1,810 1,571 2,008 1,571 44,300 44,400 1,817 1,574 2,014 1,574 44,400 44,500 1,823 1,578 2,021 1,578 44,500 44,600 1,830 1,582 2,028 1,582 44,600 44,700 1,837 1,585 2,035 1,585 44,700 44,800 1,844 1,589 2,042 1,589 44,800 44,900 1,851 1,592 2,048 1,592 44,900 45,000 1,857 1,596 2,055 1,596 * This column also applies to qualifying widow(er) and civil union filing jointly status ** This column also applies to civil union filing separately status 49

29 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 45,000 45,000 45,100 1,864 1,599 2,062 1,599 45,100 45,200 1,871 1,603 2,069 1,603 45,200 45,300 1,878 1,606 2,076 1,606 45,300 45,400 1,885 1,610 2,082 1,610 45,400 45,500 1,891 1,613 2,089 1,613 45,500 45,600 1,898 1,617 2,096 1,617 45,600 45,700 1,905 1,621 2,103 1,621 45,700 45,800 1,912 1,624 2,110 1,624 45,800 45,900 1,919 1,628 2,116 1,628 45,900 46,000 1,925 1,631 2,123 1,631 46,000 46,000 46,100 1,932 1,635 2,130 1,635 46,100 46,200 1,939 1,638 2,137 1,638 46,200 46,300 1,946 1,642 2,144 1,642 46,300 46,400 1,953 1,645 2,150 1,645 46,400 46,500 1,959 1,649 2,157 1,649 46,500 46,600 1,966 1,653 2,164 1,653 46,600 46,700 1,973 1,656 2,171 1,656 46,700 46,800 1,980 1,660 2,178 1,660 46,800 46,900 1,987 1,663 2,184 1,663 46,900 47,000 1,993 1,667 2,191 1,667 47,000 47,000 47,100 2,000 1,670 2,198 1,670 47,100 47,200 2,007 1,674 2,205 1,674 47,200 47,300 2,014 1,677 2,212 1,677 47,300 47,400 2,021 1,681 2,218 1,681 47,400 47,500 2,027 1,684 2,225 1,684 47,500 47,600 2,034 1,688 2,232 1,688 47,600 47,700 2,041 1,692 2,239 1,692 47,700 47,800 2,048 1,695 2,246 1,695 47,800 47,900 2,055 1,699 2,252 1,699 47,900 48,000 2,061 1,702 2,259 1,702 48,000 48,000 48,100 2,068 1,706 2,266 1,706 48,100 48,200 2,075 1,709 2,273 1,709 48,200 48,300 2,082 1,713 2,280 1,713 48,300 48,400 2,089 1,716 2,286 1,716 48,400 48,500 2,095 1,720 2,293 1,720 48,500 48,600 2,102 1,724 2,300 1,724 48,600 48,700 2,109 1,727 2,307 1,727 48,700 48,800 2,116 1,731 2,314 1,731 48,800 48,900 2,123 1,734 2,320 1,734 48,900 49,000 2,129 1,738 2,327 1,738 49,000 49,000 49,100 2,136 1,741 2,334 1,741 49,100 49,200 2,143 1,745 2,341 1,745 49,200 49,300 2,150 1,748 2,348 1,748 49,300 49,400 2,157 1,752 2,354 1,752 49,400 49,500 2,163 1,755 2,361 1,757 49,500 49,600 2,170 1,759 2,368 1,764 49,600 49,700 2,177 1,763 2,375 1,771 49,700 49,800 2,184 1,766 2,382 1,778 49,800 49,900 2,191 1,770 2,388 1,785 49,900 50,000 2,197 1,773 2,395 1,791 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 50,000 50,000 50,100 2,204 1,777 2,402 1,798 50,100 50,200 2,211 1,780 2,409 1,805 50,200 50,300 2,218 1,784 2,416 1,812 50,300 50,400 2,225 1,787 2,422 1,819 50,400 50,500 2,231 1,791 2,429 1,825 50,500 50,600 2,238 1,795 2,436 1,832 50,600 50,700 2,245 1,798 2,443 1,839 50,700 50,800 2,252 1,802 2,450 1,846 50,800 50,900 2,259 1,805 2,456 1,853 50,900 51,000 2,265 1,809 2,463 1,859 51,000 51,000 51,100 2,272 1,812 2,470 1,866 51,100 51,200 2,279 1,816 2,477 1,873 51,200 51,300 2,286 1,819 2,484 1,880 51,300 51,400 2,293 1,823 2,490 1,887 51,400 51,500 2,299 1,826 2,497 1,893 51,500 51,600 2,306 1,830 2,504 1,900 51,600 51,700 2,313 1,834 2,511 1,907 51,700 51,800 2,320 1,837 2,518 1,914 51,800 51,900 2,327 1,841 2,524 1,921 51,900 52,000 2,333 1,844 2,531 1,927 52,000 52,000 52,100 2,340 1,848 2,538 1,934 52,100 52,200 2,347 1,851 2,545 1,941 52,200 52,300 2,354 1,855 2,552 1,948 52,300 52,400 2,361 1,858 2,558 1,955 52,400 52,500 2,367 1,862 2,565 1,961 52,500 52,600 2,374 1,866 2,572 1,968 52,600 52,700 2,381 1,869 2,579 1,975 52,700 52,800 2,388 1,873 2,586 1,982 52,800 52,900 2,395 1,876 2,592 1,989 52,900 53,000 2,401 1,880 2,599 1,995 53,000 53,000 53,100 2,408 1,883 2,606 2,002 53,100 53,200 2,415 1,887 2,613 2,009 53,200 53,300 2,422 1,890 2,620 2,016 53,300 53,400 2,429 1,894 2,626 2,023 53,400 53,500 2,435 1,897 2,633 2,029 53,500 53,600 2,442 1,901 2,640 2,036 53,600 53,700 2,449 1,905 2,647 2,043 53,700 53,800 2,456 1,908 2,654 2,050 53,800 53,900 2,463 1,912 2,660 2,057 53,900 54,000 2,469 1,915 2,667 2,063 54,000 54,000 54,100 2,476 1,919 2,674 2,070 54,100 54,200 2,483 1,922 2,681 2,077 54,200 54,300 2,490 1,926 2,688 2,084 54,300 54,400 2,497 1,929 2,694 2,091 54,400 54,500 2,503 1,933 2,701 2,097 54,500 54,600 2,510 1,937 2,708 2,104 54,600 54,700 2,517 1,940 2,715 2,111 54,700 54,800 2,524 1,944 2,722 2,118 54,800 54,900 2,531 1,947 2,728 2,125 54,900 55,000 2,537 1,951 2,735 2,131 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 55,000 55,000 55,100 2,544 1,954 2,742 2,138 55,100 55,200 2,551 1,958 2,749 2,145 55,200 55,300 2,558 1,961 2,756 2,152 55,300 55,400 2,565 1,965 2,762 2,159 55,400 55,500 2,571 1,968 2,769 2,165 55,500 55,600 2,578 1,972 2,776 2,172 55,600 55,700 2,585 1,976 2,783 2,179 55,700 55,800 2,592 1,979 2,790 2,186 55,800 55,900 2,599 1,983 2,796 2,193 55,900 56,000 2,605 1,986 2,803 2,199 56,000 56,000 56,100 2,612 1,990 2,810 2,206 56,100 56,200 2,619 1,993 2,817 2,213 56,200 56,300 2,626 1,997 2,824 2,220 56,300 56,400 2,633 2,000 2,830 2,227 56,400 56,500 2,639 2,004 2,837 2,233 56,500 56,600 2,646 2,008 2,844 2,240 56,600 56,700 2,653 2,011 2,851 2,247 56,700 56,800 2,660 2,015 2,858 2,254 56,800 56,900 2,667 2,018 2,864 2,261 56,900 57,000 2,673 2,022 2,871 2,267 57,000 57,000 57,100 2,680 2,025 2,878 2,274 57,100 57,200 2,687 2,029 2,885 2,281 57,200 57,300 2,694 2,032 2,892 2,288 57,300 57,400 2,701 2,036 2,898 2,295 57,400 57,500 2,707 2,039 2,905 2,301 57,500 57,600 2,714 2,043 2,912 2,308 57,600 57,700 2,721 2,047 2,919 2,315 57,700 57,800 2,728 2,050 2,926 2,322 57,800 57,900 2,735 2,054 2,932 2,329 57,900 58,000 2,741 2,057 2,939 2,335 58,000 58,000 58,100 2,748 2,061 2,946 2,342 58,100 58,200 2,755 2,064 2,953 2,349 58,200 58,300 2,762 2,068 2,960 2,356 58,300 58,400 2,769 2,071 2,966 2,363 58,400 58,500 2,775 2,075 2,973 2,369 58,500 58,600 2,782 2,079 2,980 2,376 58,600 58,700 2,789 2,082 2,987 2,383 58,700 58,800 2,796 2,086 2,994 2,390 58,800 58,900 2,803 2,089 3,000 2,397 58,900 59,000 2,809 2,093 3,007 2,403 59,000 59,000 59,100 2,816 2,096 3,014 2,410 59,100 59,200 2,823 2,100 3,021 2,417 59,200 59,300 2,830 2,103 3,028 2,424 59,300 59,400 2,837 2,107 3,034 2,431 59,400 59,500 2,843 2,110 3,041 2,437 59,500 59,600 2,850 2,114 3,048 2,444 59,600 59,700 2,857 2,118 3,055 2,451 59,700 59,800 2,864 2,121 3,062 2,458 59,800 59,900 2,871 2,125 3,068 2,465 59,900 60,000 2,877 2,128 3,075 2,471 * This column also applies to qualifying widow(er) and civil union filing jointly status ** This column also applies to civil union filing separately status 50

30 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 60,000 60,000 60,100 2,884 2,132 3,082 2,478 60,100 60,200 2,891 2,135 3,089 2,485 60,200 60,300 2,898 2,139 3,096 2,492 60,300 60,400 2,905 2,142 3,102 2,499 60,400 60,500 2,911 2,146 3,109 2,505 60,500 60,600 2,918 2,150 3,116 2,512 60,600 60,700 2,925 2,153 3,123 2,519 60,700 60,800 2,932 2,157 3,130 2,526 60,800 60,900 2,939 2,160 3,136 2,533 60,900 61,000 2,945 2,164 3,143 2,539 61,000 61,000 61,100 2,952 2,167 3,150 2,546 61,100 61,200 2,959 2,171 3,157 2,553 61,200 61,300 2,966 2,174 3,164 2,560 61,300 61,400 2,973 2,178 3,170 2,567 61,400 61,500 2,979 2,181 3,177 2,573 61,500 61,600 2,986 2,185 3,184 2,580 61,600 61,700 2,993 2,190 3,191 2,587 61,700 61,800 3,000 2,197 3,198 2,594 61,800 61,900 3,007 2,204 3,204 2,601 61,900 62,000 3,013 2,211 3,211 2,607 62,000 62,000 62,100 3,020 2,218 3,218 2,614 62,100 62,200 3,027 2,224 3,225 2,621 62,200 62,300 3,034 2,231 3,232 2,628 62,300 62,400 3,041 2,238 3,238 2,635 62,400 62,500 3,047 2,245 3,245 2,641 62,500 62,600 3,054 2,252 3,252 2,648 62,600 62,700 3,061 2,258 3,259 2,655 62,700 62,800 3,068 2,265 3,266 2,662 62,800 62,900 3,075 2,272 3,272 2,669 62,900 63,000 3,081 2,279 3,279 2,675 63,000 63,000 63,100 3,088 2,286 3,286 2,682 63,100 63,200 3,095 2,292 3,293 2,689 63,200 63,300 3,102 2,299 3,300 2,696 63,300 63,400 3,109 2,306 3,306 2,703 63,400 63,500 3,115 2,313 3,313 2,709 63,500 63,600 3,122 2,320 3,320 2,716 63,600 63,700 3,129 2,326 3,327 2,723 63,700 63,800 3,136 2,333 3,334 2,730 63,800 63,900 3,143 2,340 3,340 2,737 63,900 64,000 3,149 2,347 3,347 2,743 64,000 64,000 64,100 3,156 2,354 3,354 2,750 64,100 64,200 3,163 2,360 3,361 2,757 64,200 64,300 3,170 2,367 3,368 2,764 64,300 64,400 3,177 2,374 3,374 2,771 64,400 64,500 3,183 2,381 3,381 2,777 64,500 64,600 3,190 2,388 3,388 2,784 64,600 64,700 3,197 2,394 3,395 2,791 64,700 64,800 3,204 2,401 3,402 2,798 64,800 64,900 3,211 2,408 3,408 2,805 64,900 65,000 3,217 2,415 3,415 2,811 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 65,000 65,000 65,100 3,224 2,422 3,422 2,818 65,100 65,200 3,231 2,428 3,429 2,825 65,200 65,300 3,238 2,435 3,436 2,832 65,300 65,400 3,245 2,442 3,442 2,839 65,400 65,500 3,251 2,449 3,449 2,845 65,500 65,600 3,258 2,456 3,456 2,852 65,600 65,700 3,265 2,462 3,463 2,859 65,700 65,800 3,272 2,469 3,470 2,866 65,800 65,900 3,279 2,476 3,476 2,873 65,900 66,000 3,285 2,483 3,483 2,879 66,000 66,000 66,100 3,292 2,490 3,490 2,886 66,100 66,200 3,299 2,496 3,497 2,893 66,200 66,300 3,306 2,503 3,504 2,900 66,300 66,400 3,313 2,510 3,510 2,907 66,400 66,500 3,319 2,517 3,517 2,913 66,500 66,600 3,326 2,524 3,524 2,920 66,600 66,700 3,333 2,530 3,531 2,927 66,700 66,800 3,340 2,537 3,538 2,934 66,800 66,900 3,347 2,544 3,544 2,941 66,900 67,000 3,353 2,551 3,551 2,947 67,000 67,000 67,100 3,360 2,558 3,558 2,954 67,100 67,200 3,367 2,564 3,565 2,961 67,200 67,300 3,374 2,571 3,572 2,968 67,300 67,400 3,381 2,578 3,578 2,975 67,400 67,500 3,387 2,585 3,585 2,981 67,500 67,600 3,394 2,592 3,592 2,988 67,600 67,700 3,401 2,598 3,599 2,995 67,700 67,800 3,408 2,605 3,606 3,002 67,800 67,900 3,415 2,612 3,612 3,009 67,900 68,000 3,421 2,619 3,619 3,015 68,000 68,000 68,100 3,428 2,626 3,626 3,022 68,100 68,200 3,435 2,632 3,633 3,029 68,200 68,300 3,442 2,639 3,640 3,036 68,300 68,400 3,449 2,646 3,646 3,043 68,400 68,500 3,455 2,653 3,653 3,049 68,500 68,600 3,462 2,660 3,660 3,056 68,600 68,700 3,469 2,666 3,667 3,063 68,700 68,800 3,476 2,673 3,674 3,070 68,800 68,900 3,483 2,680 3,680 3,077 68,900 69,000 3,489 2,687 3,687 3,083 69,000 69,000 69,100 3,496 2,694 3,694 3,090 69,100 69,200 3,503 2,700 3,701 3,097 69,200 69,300 3,510 2,707 3,708 3,104 69,300 69,400 3,517 2,714 3,714 3,111 69,400 69,500 3,523 2,721 3,721 3,117 69,500 69,600 3,530 2,728 3,728 3,124 69,600 69,700 3,537 2,734 3,735 3,131 69,700 69,800 3,544 2,741 3,742 3,138 69,800 69,900 3,551 2,748 3,748 3,145 69,900 70,000 3,557 2,755 3,755 3,151 If Taxable Income is... And your filing status is... At Least But Less Single Married Married Head of Than filing filing housejointly* sepa- hold rately** Then your VT Tax is... 70,000 70,000 70,100 3,564 2,762 3,762 3,158 70,100 70,200 3,571 2,768 3,769 3,165 70,200 70,300 3,578 2,775 3,776 3,172 70,300 70,400 3,585 2,782 3,782 3,179 70,400 70,500 3,591 2,789 3,789 3,185 70,500 70,600 3,598 2,796 3,796 3,192 70,600 70,700 3,605 2,802 3,803 3,199 70,700 70,800 3,612 2,809 3,810 3,206 70,800 70,900 3,619 2,816 3,816 3,213 70,900 71,000 3,625 2,823 3,823 3,219 71,000 71,000 71,100 3,632 2,830 3,830 3,226 71,100 71,200 3,639 2,836 3,837 3,233 71,200 71,300 3,646 2,843 3,844 3,240 71,300 71,400 3,653 2,850 3,850 3,247 71,400 71,500 3,659 2,857 3,857 3,253 71,500 71,600 3,666 2,864 3,864 3,260 71,600 71,700 3,673 2,870 3,871 3,267 71,700 71,800 3,680 2,877 3,878 3,274 71,800 71,900 3,687 2,884 3,884 3,281 71,900 72,000 3,693 2,891 3,891 3,287 72,000 72,000 72,100 3,700 2,898 3,898 3,294 72,100 72,200 3,707 2,904 3,905 3,301 72,200 72,300 3,714 2,911 3,912 3,308 72,300 72,400 3,721 2,918 3,918 3,315 72,400 72,500 3,727 2,925 3,925 3,321 72,500 72,600 3,734 2,932 3,932 3,328 72,600 72,700 3,741 2,938 3,939 3,335 72,700 72,800 3,748 2,945 3,946 3,342 72,800 72,900 3,755 2,952 3,952 3,349 72,900 73,000 3,761 2,959 3,959 3,355 73,000 73,000 73,100 3,768 2,966 3,966 3,362 73,100 73,200 3,775 2,972 3,973 3,369 73,200 73,300 3,782 2,979 3,980 3,376 73,300 73,400 3,789 2,986 3,986 3,383 73,400 73,500 3,795 2,993 3,993 3,389 73,500 73,600 3,802 3,000 4,000 3,396 73,600 73,700 3,809 3,006 4,007 3,403 73,700 73,800 3,816 3,013 4,014 3,410 73,800 73,900 3,823 3,020 4,020 3,417 73,900 74,000 3,829 3,027 4,027 3,423 74,000 74,000 74,100 3,836 3,034 4,034 3,430 74,100 74,200 3,843 3,040 4,041 3,437 74,200 74,300 3,850 3,047 4,048 3,444 74,300 74,400 3,857 3,054 4,054 3,451 74,400 74,500 3,863 3,061 4,062 3,457 74,500 74,600 3,870 3,068 4,070 3,464 74,600 74,700 3,877 3,074 4,078 3,471 74,700 74,800 3,884 3,081 4,085 3,478 74,800 74,900 3,891 3,088 4,093 3,485 74,900 75,000 3,897 3,095 4,101 3,491 * This column also applies to qualifying widow(er) and civil union filing jointly status ** This column also applies to civil union filing separately status If your taxable income is $75,000 or more, please go to the tax rate schedules. 51

31 Index Add Back Federal State & Local Income Taxes Deduction Adjusted Gross Income...7 Adjustments to VT Income Tax...11 Alimony...42, 45 Amending or Correcting VT Income Return...6 Americans with Disabilities Credit...13 Bond Income Exempt from VT Income Tax Bonus Depreciation (Federal)...6, 7, 13 Capital Gain...7, 43 Child & Dependent Care Credit...10 Child Support...42 Children s Trust Fund Contribution...2 Civil Union...7, 13 Deceased Taxpayer...6 Deceased Renter or Homeowner...26, 44 Direct Deposit...10 Domestic Production Activities...37 Domicile...41 Due Dates...4 Income Tax...4 Homestead Declaration...4 Property Tax Adjustment...4 Renter Rebate....4 E-filing...5 Early Withdrawal of Savings or Retirement Penalty...10 Earned Income Tax Credit...9, 11, 12 Estimated Income Tax Payments...9, 10 Estimated Payment by Entity for Nonresident...9 Estimated or Extension Payment(s)...9 Exemptions...7 Extension of Time to File Income Return..4, 5 Farm Income Averaging for VT...12 Federal Tax, Changes to...6 Federal Taxable Income...7 Filing Check List On Web ( Filing Requirement, Income Tax...4 Filing Status...7 Filing Timely...4 Filing Income Return After Due Date...5 Financial Difficulties (Payment Plan)...6 Gifts as Household Income...42 Green Up Vermont Contribution...2 Health Savings Account...44 Homesharing Agreement...41 Homestead Declaration...38 Homestead Declaration Withdrawal...39 Household Income Household Income, Amending Household Income, Exclusions from Household Members...41 Income Tax Due (interest & penalty)...4 Income Tax Paid to Other State or Canadian Province...4, 8 Income Tax Refund...6 Income Refund, credit to property tax...10 Income Refund, credit to 2015 estimated tax Incomplete Returns...5 Injured Spouse Claim/Offset...6, 26, 40 Interest...5 Investment Tax Credit...11, 12 IRA, Keogh, SEP, SIMPLE...11, 43 Late Filing Charges (Interest & Penalty for Income Tax)...5 Late Payment Penalty...5 Lifeline Information...33 Military Pay...37, 43 Nongame Wildlife Fund Contribution...2 Nonprofit Mobile Home Park...40, 41 Nonresident, Income of...4 Offset...5, 43 Paper Filing...11 Part-Year Resident, Income of...12, 13 Payment Options...10 Pharmacy Program Information...31 Property Tax Adjustment Eligibility... 4 Property Tax Adjustment - Special Situations...44 Property Tax Adjustment - Buying/Selling/New Construction...45 Property Tax Adjustment - Ownership Situations Railroad Retirement...37, 42 Recomputed Federal Income Tax Return...6 Renter Rebate...26 School District Codes...14 Solar Energy Investment Tax Credit...12 State & Local Obligations...7, 11 Tax Credits...4, 12 Taxpayer Advocate...3 Taxpayer Assistance...3 Tuition & Fees Deduction...37, 44 U.S. Government Interest Income...7 Unprocessable Forms...5 Use Tax...8 VT Income Tax Withheld...8 VT Real Estate Withholding...8 VT Higher Education Investment Tax Credit VT Income Tax - additions to & subtractions from...8 VT Tax Tables & Rate Schedules. starting at 46 VT Taxable Income...7 VT Veterans Fund Contribution...2 FORMS AND SCHEDULES Form Number Form Instructions IN IN IN IN Attached to envelope IN PR HS HI